Florida Investor Snaps Up Two Plano Office Buildings

A Florida-based investor has purchased a 2-building Plano office campus.TerraCap Management LLC, a privately held investment firm based in headquarters in Estero, Fla., has acquired the Preston Park Financial Center on Preston Road in Plano.Built in the 1980s, the office complex includes two 9-story buildings with almost 370,000 square feet."As we continue our geographic diversification in high demand and growth markets, the acquisition of Preston Park exemplifies our commitment to the Dallas Metroplex area," Steve Hagenbuckle, Founder and Managing Partner of TerraCap, said in a statement. "The quality, location and tenant mix of this asset was appealing to us day one."The office campus is located just south of Park Boulevard and includes a fitness center, deli, conference center and tenant lounge.Dallas' Lincoln Property has been hired to lease and manage the buildings.Gary Carr and Robert Hill of CBRE brokered the sale. Terms of the transaction were not disclosed.IberiaBank provided financing for the deal.TerraCap has been in operation since 2008 with offices Florida and the Atlanta area."We're very pleased to add a high-quality asset like Preston Park into our portfolio," said Steve Good, Partner and Acquisitions Director for TerraCap. "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." San Francisco-based Stockbridge Capital Group sold the buildings, which it had owned since 2014.The just completed sale is the latest in a string of recent office building buys in Plano. Property investors have flocked to the Collin County city because of large employers in the area including Toyota, Liberty Mutual Insurance and JPMorgan Chase.  Continue reading...