Dallas-based Guardian Texas Management LLC has purchased Westgrove Air Plaza, a 79,481-square-foot property located on Addison Airport-leased land, out of foreclosure from Regions Bank in an all-cash deal. Financial details of the deal were not revealed.Westgrove Air Plaza features 47,536 square feet of office space and 31,945 square feet of three hangar spaces. It has runway access at 4570 Westgrove Road. The property covers 5.37 acres of land, including a 1.4-acre vacant tract at Westgrove and Addison roads.Towards the completion of the original 40-year term of its lease, Addison Airport has a balance of nine years and eight months.According to the officials, constructed in 1985, Westgrove Air Plaza is subject to substantial city-recommended upgrades due to its location which is within the airport's designated planned development.Leigh Richter of Dallas-based Bradford Commercial Real Estate Services performed on behalf of the bank and directly negotiated with the buyer. Richter said that the structure is 50 percent leased and Guardian intends to revamp and lease up the property.Ltd.
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