{"id":1004198451,"date":"2017-11-27T05:09:35","date_gmt":"2017-11-27T13:09:35","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004198451"},"modified":"2022-12-08T12:20:32","modified_gmt":"2022-12-08T20:20:32","slug":"jv-buys-fedex-office-hq-in-metro-dallas","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/jv-buys-fedex-office-hq-in-metro-dallas\/","title":{"rendered":"JV Buys FedEx Office Headquarters in Metro Dallas"},"content":{"rendered":"

By Scott Baltic<\/em><\/p>\n

\"Paul<\/a>

Paul Dougherty<\/p><\/div>\n

A joint venture of PRP LLC, of Washington, D.C., and AXA Investment Managers \u2013 Real Assets has acquired a four-story, 264,000-square-foot Class A office building in Plano, Texas. The LEED-certified property is fully leased to FedEx Corp. as the global headquarters of FedEx Office and Print Services.<\/p>\n

The sale price was $79.65 million, a PRP spokesperson told Commercial Property Executive<\/em>.<\/p>\n

Completed in 2015 as a build-to-suit for FedEx Office and Print Services, the building is located at 7900 Legacy Drive in Legacy West, a 250-acre mixed-use development encompassing 5 million square feet of office space, more than 470 hotel rooms, and 300,000 square feet of high-end shopping, along with restaurants and other retail. The building\u2019s amenities include a fitness center and sports court, conference center, upscale kitchen and dining facilities, and a mock store on the ground floor.<\/p>\n

Part of a much larger whole<\/h2>\n
\"FedEx<\/a>

FedEx Office HQ<\/p><\/div>\n

Legacy West offers \u201can enticing amenity package to its visitors and workforce and has attracted some of the world\u2019s largest and most successful corporations to its tenancy<\/em>,\u201d PRP President Paul Dougherty said in a prepared statement. \u201cPart of the draw is the central location. Legacy West is situated 23 miles north of Dallas\u2019 Central Business District and 20 miles from Dallas Fort-Worth International Airport, making it a desirable option for both domestic and international corporations<\/em>.\u201d<\/p>\n

The seller was KDC Real Estate Developments & Investments, of Dallas, on whose behalf the transaction was arranged by Vice Chairman Gary Carr, John Alvarado, Eric Mackey, Evan Stone, Jared Chua and Robert Hill of CBRE. \u201cThis offering presented investors with an exceptional opportunity to acquire a recently constructed, state-of-the-art office asset with a stable income stream backed by the long-term commitment of a quality, investment-grade tenant<\/em>,\u201d Carr said in CBRE\u2019s prepared statement. \u201cInvestors were motivated by the opportunity to establish a significant presence within Legacy, one of DFW\u2019s hottest submarkets<\/em>.\u201d<\/p>\n

KDC and partners The Karahan Cos. and Columbus Realty comprise Team Legacy, which was chosen by J.C. Penney to develop the acreage surrounding its corporate headquarters into Legacy West.<\/p>\n

Earlier this year, developer Gaedeke Group LLC hooked NTT Data International LLC to take 41 percent of the space and become the name tenant at Gaedeke\u2019s 14-story, 307,800-square-foot One Legacy West office tower<\/a>, adjacent to the FedEx Office headquarters.<\/p>\n

Photo courtesy of\u00a0PRP, CBRE<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

A nearly $80 million purchase got PRP and AXA Investment Managers \u2013 Real Assets a fully leased building in the still-growing Legacy West project. The seller was KDC Real Estate Developments & Investments.<\/p>\n","protected":false},"author":882,"featured_media":1004198452,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1586,21743,21808,21783,21742,21747],"tags":[38432,33339,32779,33547],"class_list":["post-1004198451","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-dallas","category-deals","category-featured","category-investment","category-latest","category-office","tag-axa-investment-managers","tag-fedex","tag-leed","tag-one-legacy-west"],"acf":[],"yoast_head":"\nJV Buys FedEx Office Headquarters in Metro Dallas - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/jv-buys-fedex-office-hq-in-metro-dallas\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"JV Buys FedEx Office Headquarters in Metro Dallas\" \/>\n<meta property=\"og:description\" content=\"A nearly $80 million purchase got PRP and AXA Investment Managers \u2013 Real Assets a fully leased building in the still-growing Legacy West project. 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