Watchmaker and clothing retailer Fossil's sprawling headquarters campus outside Dallas has been sold to a local real estate investment group known for rehabilitating office real estate.

JP Realty Partners, in partnership with Dallas-based Liberty Bankers Insurance Group, has acquired the five-story, 536,000-square-foot property at 901 S. Central Expressway in Richardson from San Francisco-based Swig Co., which had owned the building since 2005.

Terms of the deal were not disclosed. The real estate was last valued at $28.4 million, according to the Dallas Central Appraisal District. The land at the address, in a separate appraisal, was last valued at $2.5 million.

Fossil, which has occupied the entire property since March 2011, has more than 10 years remaining on its lease.

The building sits on about 29 acres at the southeast corner of Spring Valley Road and Central Expressway, with 9.4 acres available to develop, according to marketing materials from JLL, which represented Swig Co. in the deal. The property is zoned for up to 3 million square feet of mixed-use development, according to JLL.

JP Realty Partners has worked in the Richardson area before and has a history of upgrading office buildings and converting single-tenant properties into multi-tenant ones, including the former offices of fast food empire Yum Brands at The Aberdeen in nearby Addison.

JP Realty Partners and Liberty Bankers Insurance Group did not immediately return requests for comment from CoStar News.

Selling the campus gives Swig Co. capital to redeploy to its core target coastal markets, said company President Connor Kidd in a statement on the deal. The company owns about 9 million square feet of office space in the San Francisco Bay Area, Seattle, New York and Southern California.

Recently, the West Coast firm bought the Lake Union Building at 1700 Westlake Ave. in Seattle, which came with an attached marina, in a $67 million deal.

JLL's Andrew Levy, Todd Savage, Jack Crews and Parker McCormack represented Swig Co. in the deal.