The 198K SF Preston Park office center in Plano is in the hands of a new owner.
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The two-building office product is located at 1800 and 1820 Preston Park Blvd. in Plano.
The buildings' owners, California-based Libitzky Property Cos. and Dallas-based Sunwest Real Estate Group, sold the entire office complex to TerraCap Management, an investment management firm out of Florida, this month.
Colliers International’s Creighton Stark and Chris Boyd assisted in facilitating the sale.
The office development is 23 years old and just underwent extensive renovations, including substantial updates to the buildings' lobbies, common areas, conference centers and tenant lounges.
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ACQUISITIONS/SALES
Multifamily operator CONTI Organization continued its DFW-area buying spree with the purchase of the 260-unit Rustic of McKinney apartment complex in the North Dallas suburb of McKinney.
Located at 2700 North Brook Drive in McKinney, the apartment complex is CONTI's 44th acquisition in Texas. The firm operates more than 9,000 units throughout the state.
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A Take 5 Oil Change building in McKinney with a 10-year ground lease in place just sold to a San Antonio-based buyer. The property was built this year and sits at University Drive just east of U.S. Highway 75. STRIVE represented the undisclosed seller.
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Industrial Fabrics Inc. acquired a 40K SF industrial building at 3420 Dalworth St. in Arlington. Herrin Real Estate's Blake Wilson represented the buyer and NAI Robert Lynn's Michael Stanzel represented the seller.
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Tom's Mechanical bought nearly 33K SF of industrial space at 3428 West Pioneer Parkway in Pantego, Texas. ESRP's Jim Hazard represented the buyer, while NAI Robert Lynn's Michael Stanzel represented the seller.
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Hjjr Inc. bought 3.5 acres inside the Mira Lagos Community with the intent to develop a retail center for residents living along Joe Pool Lake in Dallas-Fort Worth. Stream Realty Partners' Demian Salmon and The Way Realty Advisors' Kevin Cho represented the buyer, while Hanover Property Co.'s John Carter represented the seller in-house.
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A foreclosed 10K SF retail building at 1751 Eastchase Parkway in Fort Worth sold to a franchisee of Camp Bow Wow, a dog grooming and services firm.
The site housed a liquor store before landing in foreclosure. The seller is Los Angeles-based Pacific Premier Bank, which took over the asset after it defaulted. The bank relied on Bradford Commercial Real Estate Services' Richmond Collinsworth and Leigh Richter to handle negotiations with the purchasers.
The buyers are a local couple who operate as a franchisee of Camp Bow Wow.
LEASES
Prism Health North Texas signed a two-floor, 12K SF lease with Healthcare Realty Trust Inc. at 4004 Worth St. in Dallas.
The site is inside Baylor Scott & White's Downtown Dallas campus. Prism Health North Texas relied on Solender/Hall's Eliza Solender during lease negotiations, while the landlord hired Transwestern's Chris Lipscomb, Laney Underwood and Brooke Sutherland.
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Invitation Homes renewed a lease for its corporate headquarters inside the Comerica Bank Tower in Downtown Dallas. The company re-signed for about 40K SF of office space inside the tower and intends to occupy floors 19 and 20.
Fischer & Co.'s Sharon Friedberg and M-M Properties' Mike Silliman handled the lease negotiations.
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Hydraquip Inc. leased close to 40K SF at 901-905 West North Carrier Parkway in Grand Prairie. DFW Lee & Associates' Mark Graybill and Colton Rhodes represented the landlord, LINK Industrial Properties, while the tenant hired Transwestern's John Brewer.
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Rent-A-Tire leased 104K SF at 2895 113th St. in Grand Prairie from The Wilkerson Group.
CBRE's Krista Raymond represented the tenant. DFW Lee & Associates' Mark Graybill and Colton Rhodes represented the landlord.
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The Chamberlain Group signed a 14K SF lease at 5325 FAA Blvd. in Irving. DFW Lee & Associates' Mark Graybill, Colton Rhodes and Ken Wesson represented the landlord, Nuveen, while Cresa Real Estate's Jay Neikirk represented the tenant.
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Wizards of the Coast LLC leased 164K SF inside Link Industrial's 927 West Carrier Parkway in Grand Prairie. DFW Lee & Associates' Mark Graybill and Colton Rhodes represented the landlord, while the tenant relied on Cushman & Wakefield's David Eseke.
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THIS OR THAT
The Town of Addison has hired Cushman & Wakefield to find a master-developer who can build out an 18-acre, transit-focused development near the heart of Addison Circle.
The goal is to find a developer who can leverage the area's proximity to the Dallas Area Rapid Transit Silver Line and Cotton Belt Corridor and create a vibrant mixed-use development.
Cushman & Wakefield's Chris Harden, Maureen Kelly Cooper, Ryan Duffie and Michael Thomas are handling marketing efforts for the city and advising the Town of Addison as it pursues its transit-oriented development plan.
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Data center provider DataBank announced a $30M strategic investment in modular data center provider EdgePresence. The purchase allows DataBank to expand its data space, power and bandwidth services across multiple U.S. markets.
The addition of EdgePresence's Edge Data Centers will allow Dallas-based DataBank to improve its performance when it comes to customer workload and grow its national footprint.
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