TerraCap Management has acquired Plano Office Center, a two-building, 199,000-square-foot office property in Plano, Texas. The company financed the purchase with a $28 million loan from Prime Finance, according to Collin County records.
The asset previously traded in 2018, when Libitzky Property Cos. and Sunwest Real Estate Group purchased it from Alexander & Baldwin for $24.1 million, in a transaction brokered by CBRE. At that time, Wells Fargo originated a five-year, $15.6 million acquisition loan for Libitzky Property Cos., according to Yardi Matrix data.
Located on 12 acres at 1800 and 1820 Preston Park Blvd., the park encompasses two buildings completed in 1997 and 1998. Situated close to the busy retail corridor along West Park Boulevard, the campus is 3 miles from the intersection between President George Bush Turnpike and Dallas North Tollway. Additionally, the property is 20 miles north of downtown Dallas. At the time of closing, the property was 87 percent occupied by tenants such as CMA Management, ExamOne and EMA Softech.
Colliers International Executive Vice President Creighton Stark negotiated on behalf of the seller, while JLL secured the financing package for the buyer. Lincoln Property Co. will be in charge of leasing and property management for the asset.
In July, TerraCap Management paid $27.6 million for a 297,000-square-foot office portfolio in metro Atlanta. A joint venture between Petrus Partners and Crown West Realty sold the assets.