16415 Addison Road, Addison, Texas 75001
This is a value-added investment where Griffin Partners purchased an asset that was underperforming due primarily to poor management, a dated appearance in the common areas and deferred maintenance all compounded by a market downturn. Griffin Partners undertook to improve the management, the appearance of the common areas and maintenance. Several new tenants were signed and others renewed to raise the occupancy from 67% to 88%.
Griffin Partners acquired the building in 2004 and sold it in 2007.