RadioShack has a new roommate: A local community college has acquired the retailer’s former corporate campus for $238 million.
The CE chain opened the award-winning, 18-acre site in 2004, but sold it a year later to a German real estate investment fund to help pay down debt. RadioShack leased back the property for 20 years with an option to renew for another two decades.
All that changed this week after the fund sold the site to Tarrant County College District, which plans to convert it into academic space.
The new lease allows RadioShack to remain headquartered in the two buildings it currently occupies through 2011, with an option to extend its stay through 2013. The rent is now significantly lower, the chain said, although the three-year term renews speculation, at least for this observer, that a sale or merger may be on the curriculum.