Investor Eyes Purchase of USAA's Plano Office Campus

An office campus in Plano's Legacy business park could be changing hands as part of major investment deal.San Antonio-based insurer USAA just opened a new building in its office complex on Legacy Drive east of the Dallas North Tollway.The 150,000-square-foot addition joins two existing office buildings that previously housed about 400 workers.Arizona-based real estate investor JDM Partners has reportedly agreed to pay almost $385 million for USAA's Plano's office campus plus an even larger facility in Tampa. USAA will continue to occupy the buildings.The pending sale was first reported by New Jersey-based property newsletter Real Estate Alert, but the location of the Plano buildings in their item was inaccurate.Local real estate brokers confirm that the USAA Legacy Drive property is selling to JDM Partners.In 2013, USAA purchased the 255,000-square-foot former AT&T campus in Legacy business park to house its IT operations. And in 2017 Dallas developer Cawley Partners constructed the newest 4-story building for USAA.The pending USAA property sale is just the latest in a string of recent property transactions in Legacy.As one of the largest employment centers in North Texas, the area along the tollway in North Plano has been popular with property investors.More than a half dozen office buildings in the corridor have recently changed hands.JDM Partners was founded in 1983 by investors including Arizona businessman and former Phoenix Suns basketball team owner Jerry Colangelo.The firm owns more than $2 billion in office, commercial, industrial, resort and residential properties in 17 states.  Continue reading...