Two Plano Office Buildings Sold to Dallas Investor

Two more Plano office buildings have changed hands - the latest in a string of recent purchases along the Dallas North Tollway.The Parkway Centre II & III buildings contain more than 305,000 square feet and are located north of the Willow Bend Mall on the tollway.The two 6-story buildings were constructed in 1999 and 2001 and are almost 97 percent leased.Major tenants in the buildings include First United Bank, Green Brick Partners, Cirro Group and Dallas Baptist University.Dallas' Wolverine Interests - a private real estate investment firm - purchased the Parkway Centre buildings.HFF marketed the properties, which were expected to fetch almost $60 million at sale.Wolverine Interests owns the adjoining Parkway Centre I building on the tollway plus other office properties in the Dallas area including the Points at Waterview building in Richardson.Jim Leslie, CEO of Wolverine Interests, said not many upgrades are needed for the just-purchased buildings."We have quietly accumulated several buildings up there," Leslie said. "We are trying to get a couple more."We have about 2.2 million square feet."Plano has been one of the Dallas-area's busiest office investment markets, with more than a half dozen properties sold in the last six months.  Continue reading...