Bisnow Scoop: The Next Plano Office Project
Indiana-based Yeager Office Properties snapped up one of the last pieces of prime land around the Legacy Business Park with the almost four-acre buy at the northeast corner of Rasor and Ohio in Plano. (They are also good at musical chairs.) It’s the third local property buy for the office suite developer and owner.
Henry S Miller prez/COO Sam Kartalis and SVP Dan Harris repped the land owners, the Levy brothers from Columbia, since the RTC days. Dan tells us the property—surrounded by multifamily and single-family homes—is on the periphery of Legacy Business Park. Yeager plans to build a 35k to 40k SF spec office suite project on the interior of the property and market the hard corner to a retail user. Construction will likely start in the next 30 days.
Yeager also developed a three-acre site in Frisco at Main and Teel (pictured is the 35k SF two-story office suite that opened two months ago). Yeager's third fully leased office suite building is in McKinney. Dan continues to search for other ideal locations for Yeager. Sam tells us this site is the Levy brothers’ final piece of property to sell. The family business acquired about 1,000 acres all around Preston and Legacy in Plano since 1992. Over the years, they’ve sold and bought back properties. Their land has been sold to single-family home developers, a Catholic church, a school, a hotel, and Sam developed a 20k SF shopping center on the land.
Sam declined to name the selling price in the Rasor and Ohio (pictured) deal, but said the brothers bought it for about 50 cents/foot and comps in the area range from $10/foot for small pads and around $20/foot for the larger sites. Soon, Sam will be hitting the links at the Kiawah Island Golf Resort. Dan is heading to Ontario, Canada, and Michigan to combine business while visiting family and friends.