The Real Deal reported November 4 that Cross Ocean Partners and Lincoln Property Company bought The Colonnade in Addison out of receivership. The planned repositioning budget is approximately $100M.
Commercial Property Executive reports the campus was 59% leased as of August, citing a UBS servicer report. Leasing is not a measure of physical occupancy; the percentage does not establish 410,000 square feet of physical vacancy.
The buyers plan expanded outdoor and dining areas and other amenities. Public grant support is being sought rather than treated as committed financing.
The purchase price was not reported in the cited TRD coverage. Campus-area figures vary across reports, so this account avoids a precise renovation-per-square-foot calculation.
Our read: assess the acquisition basis, tenant-improvement budget, leasing pace and committed financing before judging the receivership discount. A large renovation plan alone does not establish attractive returns.
Key Takeaways
- A renovation budget is not an acquisition price
- Do not infer physical vacancy from the leased percentage
- Grant support remains unconfirmed
The Real Deal, Lincoln and Cross Ocean buy Addison office for $100M makeover, Nov. 4, 2026 (citing Dallas Morning News): https://therealdeal.com/texas/2026/11/04/lincoln-cross-ocean-buy-addison-office-for-100m-makeover/ · Commercial Property Executive: https://www.commercialsearch.com/news/lincoln-jv-snaps-up-1-1-msf-dallas-office-campus/
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