A Colorado-based real estate firm announced the launch of a new division with the acquisition of its first commercial investment property in Flower Mound.
Koelbel and Company closed on the 90,000-square-foot Atrium at Flower Mound office building at 1001 Cross Timbers Road in Flower Mound last month and plans to complete updates to the 36-year-old property by the end of the year to attract new tenants and meet current industry demands.
The improvements include renovating common areas, fresh landscaping, exterior and interior painting, new flooring, updated restrooms, lighting and new common area furniture. They will implement a “Spec Suite” program which will allow future tenants to lease the new space “as-is” with a short-form lease, making the process for tenants to lease newly built space much easier and more efficient.
“There is tremendous opportunity for certain types of office in the commercial investment space, particularly smaller office space in regions that are experiencing significant population growth,” said said Walt Koelbel, Director of Commercial Real Estate for Koelbel and Company.
“Texas – and Dallas in particular – continues to attract both labor and corporations from other parts of the country and many of those companies and small business owners are looking for office space that can be occupied on short notice that will not require the time and effort of building out a new space.”
This is the first Texas-based project that the family-owned company has acquired since its inception 70 years ago with plans for additional acquisitions in the works.
“Koelbel and Company is thrilled to bring our multi-generational approach and decades of experience to this new investment arm,” said Koelbel. “Since our inception, Koelbel and Company has been at the forefront of identifying innovative real estate trends and providing developments that meet the ever-changing demands of the market and we see our investment arm as another avenue to implement that strategy.”
Koelbel and Company purchased the building from Rene and Gisele Cassar in July for an undisclosed amount. Jim Hancock of NAI Robert Lynn and LeAnn Brown and Russ Webb of Silver Oak Commercial Realty represented the seller during the transaction. Jason Farmer with TenantBase assisted Koelbel and Company in the acquisition.
More information is available at www.koelbelco.com/investments.