CBRE Brokers Sale of Single-Tenant Office Building in Plano

CBRE facilitated the sale of a single-tenant, 39,324 square foot office building located at Parkwood Village in Plano, Texas. The building was developed by Dallas-based LandPlan Development and St. Ives Realty. The partnership sold the property located at 8454 Parkwood Boulevard to an international investor for an undisclosed sum. Located in the middle of the Legacy submarket’s dense business and retail corridor, the building is in close proximity to the Legacy West and Granite Park business parks. Tenants are right across the Tollway from two premier shopping centers, The Stonebriar Centre and the Shops at Legacy, giving them easy access to a variety of dining and retail options including Nordstrom, Shake Shack, Mesero, Sephora and Tesla. The building is fully occupied by a Fortune 500 logistics company. The tenant moved into the newly constructed space in 2018 and expanded into the entire building in 2020 after signing a new 10-year lease, offering the buyer stable rent income over the next decade. “This asset had tremendous interest pre-COVID from both local and international investors,” said Michael Austry, first vice president with CBRE. “CBRE’s Deal Flow platform allowed us to have a competitive bidding process, which ultimately found a very motivated buyer who performed. We were excited to close in the middle of a global pandemic with no price concessions. That just shows the strength of this building, tenant and the Plano market.” Austry and Jared Aubrey with CBRE Capital Markets represented the seller in the transaction.