United Development Acquires Office Park, Plans Redevelopment

Real estate company United Development bought the three-building, 90,000-square-foot Park Forest office complex in North Dallas from a Miami-based seller. The Southlake, TX buyer is planning to spend $10 million on redevelopment, which will include demolition of the two smallest buildings, and construction of a self-storage facility.

Tom Strohbehn of Cushman & Wakefield brokered the property sale with William B. Adams of Falcon Realty Advisors. Southwest Bank of Fort Worth is providing financing.

Park Forest is at 3530 Forest Lane, south of LBJ Freeway/Interstate 635. Demolition will begin in early 2018; United Development, in partnership with Lone Star Self Storage, will build a 60,000-square-foot center on the side of the old buildings. The storage project should open in fall 2018.

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