PLANO, Texas, Oct. 26, 2020 /PRNewswire via COMTEX/ — PLANO, Texas, Oct. 26, 2020 /PRNewswire/ — TerraCap Management LLC, a privately held investment firm with its headquarters in Estero, Florida, announced today the acquisition of Plano Office Center in Plano, TX.
Plano Office Center is comprised of two Class A two-story office buildings totaling 199,000 square feet. The property is located just off of Park Boulevard, north of George Bush Turnpike and east of Dallas North Tollway. The property boasts walkability to a rich surrounding amenity base and strong demographics. Plano Office Center is also less than a mile from another property owned by TerraCap, a two-tower, 368,000 square foot, Class A office park known as Preston Park Financial Center.
Steve Hagenbuckle, Founder and Managing Partner of TerraCap said, “North Dallas/Plano is a strong contender for corporate relocations predominantly from the west coast. Adding these two low-rise Class A office buildings to our existing Plano assets will allow us to present tenants with more options and put our leasing team in a position of strength.”
Plano Office Center is located in the Upper Tollway/West Plano submarket, which has seen consistently increasing rents since 2010. The property is currently 87% occupied with a stable rent roll and below market rents.
“We’re excited for another opportunity to expand our presence in Plano with this acquisition,” said Steve Good, Partner and Director of Acquisitions for TerraCap. “Plano continues to outperform and be a national leader in corporate relocations. We like the long-term investment here.”
The seller was represented by Creighton Stark of Colliers-Dallas. Prime Finance provided debt financing for TerraCap, with assistance from the JLL-Dallas debt team. Lincoln Property Company was hired for the leasing assignment as well as the property management.