TerraCap Management Expands DFW Presence
Griffin Partners worked with CBRE to sell the roughly 368,000-square-foot, Class A Preston Park Financial Center in Plano, after more than a decade of ownership.
Preston Park Financial Center
After it recently paid $13.8 million for 850 Trafalgar in Maitland, Fla., TerraCap Management has acquired the 367,543-square-foot Preston Park Financial Center in Plano, Texas. The seller was Griffin Partners, which had owned the asset since 2007, according to Yardi Matrix data. The buyer financed the transaction through a $47.7 million loan from Iberia Bank, as per Collin County recorder.
Situated at 4965 & 4975 Preston Park Blvd., the two-building asset includes a fitness center, tenant lounge, on-site deli and multi-level parking. The roster of tenants includes local offices of Wells Fargo, Morgan Stanley and International Fidelity Insurance, according to Yardi Matrix. The office is situated in the Upper Tollway/West Plano submarket, which boasts the highest rental rates in the Metroplex, a well-educated labor force and a strong corporate presence. Plano is home to the North American headquarters of Toyota and regional headquarters of JPMorgan Chase and Liberty Mutual.
“The list of corporate relocations and expansions in Plano continues to grow. The city and other local leaders have done such a great job enticing companies to expand their presence in the area,” said Steve Good, partner & acquisitions director for TerraCap Management, in a prepared statement.
Griffin Partners was represented by Vice Chairman Gary Carr and First Vice President Robert Hill from CBRE. The new owner chose Lincoln Property Co. to handle leasing and manage the property.
Image courtesy of Yardi Matrix
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