{"id":1004209603,"date":"2018-03-08T04:44:59","date_gmt":"2018-03-08T12:44:59","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004209603"},"modified":"2022-12-08T16:47:17","modified_gmt":"2022-12-09T00:47:17","slug":"cbre-arranges-199-ksf-plano-office-property-trade","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/cbre-arranges-199-ksf-plano-office-property-trade\/","title":{"rendered":"CBRE Arranges 199 KSF Plano Office Property Trade"},"content":{"rendered":"<p><em>By Barbra Murray<\/em><\/p>\n<div id=\"attachment_1004209616\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/1800-Preston-Park-Blvd.-in-Plano-Texas.jpg\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004209616\" data-attachment-id=\"1004209616\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/cbre-arranges-199-ksf-plano-office-property-trade\/1800-preston-park-blvd-in-plano-texas\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/1800-Preston-Park-Blvd.-in-Plano-Texas.jpg\" data-orig-size=\"581,436\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"1800 Preston Park Blvd. in Plano, Texas\" data-image-description=\"&lt;p&gt;1800 Preston Park Blvd. in Plano, Texas&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;1800 Preston Park Blvd. in Plano, Texas&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/1800-Preston-Park-Blvd.-in-Plano-Texas.jpg?w=581\" class=\"wp-image-1004209616 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/1800-Preston-Park-Blvd.-in-Plano-Texas.jpg\" alt=\"1800 Preston Park Blvd. in Plano, Texas\" width=\"300\" height=\"225\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/1800-Preston-Park-Blvd.-in-Plano-Texas.jpg 581w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/1800-Preston-Park-Blvd.-in-Plano-Texas.jpg?resize=300,225 300w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004209616\" class=\"wp-caption-text\">1800 Preston Park Blvd. in Plano, Texas<\/p><\/div>\n<p>The 198,800-square-foot office destination at 1800 &amp; 1820 Preston Park in Plano, Texas, has come under new ownership, and CBRE had more than a little bit to do with it. Acting on behalf of the seller, Alexander &amp; Baldwin, the commercial real estate services firm sold the two-building suburban Dallas asset to Libitzky Property Cos. and Sunwest Real Estate Group. All involved are remaining mum on the sales price of the 12-acre complex, which boasts a location in the prestigious Far North Dallas submarket.<\/p>\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/economy-watch-cre-cap-rates-mostly-stable-in-2h-2017\/\">CBRE<\/a> relied on targeted marketing to secure a buyer for the Class A Preston Park. <em>\u201cFar North Dallas in general and Plano in particular are among investors\u2019 targeted submarkets in Dallas-Fort Worth, where we continue to see strong demand across a wide range of investors,\u201d<\/em> Eric Mackey, senior vice president with CBRE, told <em>Commercial Property Executive<\/em>. <em>\u201cGiven its exceptional West Plano location, 1800 &amp; 1820 Preston Park benefits from the surrounding area\u2019s superior demographics, upscale residential neighborhoods and high-quality, professional workforce.\u201d<\/em><\/p>\n<p>Preston Park is 81 percent leased, with a roster of occupants featuring such creditworthy tenants as American Flood Research, Arrow Electronics and Health Texas. Completed in 1998, the property last changed hands in 2006, when A&amp;B purchased the asset for $25 million from its developer, Hepfner, Smith, Airhart &amp; Day.<\/p>\n<h2><strong>The DFW allure<\/strong><\/h2>\n<p>It isn\u2019t just Plano that\u2019s high on investors\u2019 radar; the entire DFW office market is getting a great deal of attention, and pertinent figures support the sentiment. Though lower than sales in 2016, DFW&#8217;s office investment volume in 2017 reached $3.5 billion, per a report by commercial real estate services firm Colliers International. Transactions exceeding $300 per square-foot during the fourth quarter of 2017 included PRP Property Management and AXA Equitable Financial Services\u2019 purchase of the 264,000-square-foot <a href=\"https:\/\/www.commercialsearch.com\/news\/jv-buys-fedex-office-hq-in-metro-dallas\/\">FedEx Office Headquarters<\/a> in Far North Dallas for $79.7 million. TA Realty snapped up Berkshire at Preston Center, a 189,000-square-foot property in the Preston Center submarket, for $68.6 million. And Veritex Bank purchased the 96,500-square-foot Veritex Bank Plaza for $41.5 million, or a notable $430 per square foot.<\/p>\n<p><em>\u201cInvestors continue to be interested in DFW as they seek strong, stable returns outside of the high-priced coastal markets,\u201d<\/em> according to the Colliers report. <em>\u201cDallas-Fort Worth had the eighth highest sales volume in 2017, behind the major coastal markets and Chicago.\u201d<\/em><\/p>\n<p><em>Image courtesy of Alexander &amp; Baldwin<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>With the assistance of the commercial real estate services firm, Alexander &amp; Baldwin sold the suburban Dallas complex at 1800 &amp; 1820 Preston Park to Libitzky Property Cos. and Sunwest Real Estate Group. <\/p>\n","protected":false},"author":969,"featured_media":1004209616,"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":[36014,32789,32763,37945],"class_list":["post-1004209603","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-dallas","category-deals","category-featured","category-investment","category-latest","category-office","tag-alexander-baldwin","tag-cbre","tag-colliers-international","tag-eric-mackey"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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