Preston Park Sale Is One of the First Such Transactions Since Start of the Pandemic
A Florida-based investor - TerraCap Management LLC – has purchased a Plano office campus.
TerraCap just bought Preston Park, a 200,000-square-foot office property located near Preston Road and Park Boulevard. The two-building development was built in 1998 and was sold by Libitzky Property Co. California-based Libitzky and Sunwest Real Estate Group had owned the building since 2017.
“We ended up with five offers to buy the buildings,” said Creighton Stark, executive vice president with commercial property firm Colliers International. Stark said the previous owner originally planned to market the buildings for sale in March but held back with the start of the pandemic. “Because of COVID, we hit he pause button,” Stark said. "We decided to go ahead in June, when there was nothing else of quality on the market. “We were one of the few deals out there,” he said. “We had a tremendous response with groups flying in from all over the country.” Stark said the buildings are about 90% leased. “While we were marketing the property we were signing new lease deals,” he said. “The seller did a great job with the renovations to the buildings.”
TerraCap Management has been in business since 2008 and has offices in Tampa, Atlanta and Denver. The firm has more than 7 million square feet of commercial properties. “We’re excited for the opportunity to expand our existing footprint in Plano,” Steve Good, National Director of Acquisitions for TerraCap Management, said in a statement. "We’re very bullish on this market and Dallas-Fort Worth in general, plus this acquisition will complement our existing properties in the direct area. "
Stark brokered the building sale along with Colliers International’s Chris Boyd.
The property is one of the few local office buildings to trade since the start of the pandemic. But many commercial properties have been put of for sale in the last two months. “In the last couple of weeks we have pitched listings on $250 million in properties,” Stark said. “There is going to be a big push to make up for lost time.”
Dallas was the top commercial property market in the country in the first nine months of 2020, with almost $12 billion in real estate sales.
