The 174K SF Tower at Frisco Square office building in Frisco traded hands this month.
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The previous owner of the five-story building, Encore Enterprises, sold the site to Maxus Realty Trust for an undisclosed amount. Data from analytics firm Reonomy cites a reported market value for the property of $37.8M.
The building is anchored by Gearbox Software's headquarters. Gearbox leased 57% of the building's available space and has a lease extending through March 2026.
The Tower at Frisco Square, at 5757 Main St. in Frisco, is five years old and sits in the heart of the Platinum Corridor, bordering the northernmost portion of the Dallas North Tollway.
Colliers International’s Creighton Stark and Chris Boyd handled the sale.
“It’s an ideal location in the Frisco North Platinum Corridor, along with its distinct architecture, efficient design and multi-tenant rent roll made Tower at Frisco Square attractive to multiple buyers,” Stark said in a press statement. “The building has staggered lease expirations providing long term investment stability with upside as leases expire. Additional upside is achieved by vacant ground-floor medical and retail.”
This is not Maxus Realty Trust's first real estate play in the area. An affiliate of the firm acquired 213K SF of retail and Class-A office space and 144 multifamily units in Frisco Square more than two years ago. The deal at the time turned the Maxus entity into the square's major owner and set it up to continue working alongside the city of Frisco to build out and populate the center.
Contact Kerri Panchuk at kerri.panchuk@bisnow.com.
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