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Private equity real estate fund manager Equus Capital Partners said one of its affiliates purchased two Class-A office buildings in Plano's Legacy Town Center with the intention of rebranding the 1990s-era properties into Legacy Place East and West.
The purchase made on behalf of Equus Investment Partnership XI L.P. brings a two-building asset with 299K SF and an 88% occupancy rate into the Equus portfolio.
The new owner intends to launch a multimillion-dollar initiative to renovate and modernize the 20-year-old buildings by expanding and updating the outdoor patio areas and upgrading lobby areas and the fitness center.
Both six-story buildings sit alongside Tennyson Parkway with immediate access to the Dallas North Tollway.
This is not the fund's first office play in West Plano. In December, affiliates of Equus bought the eight-story 207K SF Gateway at Legacy office building near Legacy Place East and West. That property is still in the midst of a $3.4M renovation and is 85% leased.
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