By Scott Baltic, Contributing Editor
Kennington Property Co. purchased Jupiter Service Center, a four-building Class A flex office/R&D property totaling 126,485 square feet and located in Plano, Texas, in metro Dallas–Ft. Worth. The sale was announced by Stream Realty Partners, which had marketed the property on behalf of the seller, Situs.
Jupiter Service Center reportedly offers a diverse range of suite sizes. The nine-acre site is in east Plano at Jupiter Road and 10th Street, less than a mile north of the President George Bush Turnpike.
The center’s four buildings were completed in 1999. Currently, three are fully leased, while one is vacant, making the property 65.5 percent occupied overall, according to Stream’s marketing materials on the property. Tenants include Fortress Solutions, Keynote Systems, Vector Controls and Global IP Networks.
Stream’s Investment Sales team of Managing Director Jamie Jennings and VP James Mantzuranis, along with Matt Dornak and Ryan Wolcott, leasing brokers/VPs, led the transaction.
The transaction’s dollar value was not disclosed.
As of press time, Kennington had not responded to Commercial Property Executive’s request for additional information.
In a recent Dallas office lease transaction, Stream Realty also represented TexasLending.com in its 25,000-square-foot renewal at The Centre, a Class A office building in Farmers Branch, Texas.
Improving market conditions
Demand for industrial space in the Plano/Richardson area is growing.
“These properties offer the buyer the opportunity to build its portfolio with more assets in one of the most sought-after, growing segments in Dallas-Fort Worth,” Jamie Jennings of Stream said in a prepared statement. “The Plano/Richardson submarket ended the fourth quarter of 2016 with an overall vacancy rate of 6.2 percent.”
According to a 2017 third-quarter report from Cushman & Wakefield, the Richardson/Plano industrial submarket has reached an overall vacancy rate of 4.2 percent on an inventory of 360 buildings totaling 43.4 million square feet. Net absorption and new construction are both minimal to negligible. The overall average asking rent is $12.51.
Image courtesy of Stream Realty Partners