Cole Real Estateacquired a 318,600-sq.-ft. class-A office tower in Plano, Texas for $120 million.
The building is 100 percent leased to Encana Oil & Gas Inc., a leading North American energy producer. It was completed for the company in 2012, and Encana has approximately 15 years remaining on its net, with multiple renewal options. The 12-story property is located within Legacy Business Park and includes a seven-story parking structure attached to it by a sky bridge.
“This latest transaction further illustrates our active portfolio management strategy,” said Thomas W. Roberts, executive vice president and head of real estate investments with Cole, in a statement. “Available proceeds from recent property sales are being invested in a high-quality asset under a long-term lease, providing a strong yield and enhancing portfolio diversification. Those factors, combined with the strategic importance of this facility, attractive location and recent, make this an ideal investment while adding a prominent energy sector organization to our growing roster of diversified tenants nationwide.”
Boyd Messmann, senior vice president of acquisitions, represented Cole in the transaction. Gary Carr, of CBRE, represented the seller.