KBS Real Estate Investment Trust III bought Town Center Office Park, a 522,043-sq.-ft. three-building office complex in Plano, Texas.
The complex is located at the intersection of Legacy Drive and the Dallas North Tollway, near the 2,665-acre Legacy Town Center master-planned community. It is also adjacent to The Shops at Legacy, a 168-acre mixed-use center.
The complex’ three buildings– the six-story, 156,757-square-foot Town Center One, the eight-story, 209,179-square-foot Town Center Two and the six-story, 156,107-square-foot Town Center Three – were completed in 2001, 2002 and 2006, respectively, and are 87.5-percent leased to 51 tenants.
CBRE’s Gary Carr, along with CBRE’s Dallas investment sales team, represented the seller in the transaction. Bill Rogalla, senior vice president and director of acquisitions and dispositions with KBS, represented the buyer.
“North Dallas and specifically the communities of Plano and Frisco have consistently ranked at or near the top in the national job and population growth rankings,” Rogalla said in a statement. “Town Center Office Park is located within one of the most prominent master planned communities in the DFW region and KBS is pleased to be in a position to increase its presence within this submarket.”
