PLANO, Texas, March 20, 2019 /PRNewswire/ -- TerraCap Management LLC, a privately held investment firm with its headquarters in Estero, Florida, announced today the acquisition of Preston Park Financial Center in Plano, TX.
Preston Park Financial Center is comprised of two multistory, Class A office buildings with +/-367,500 rentable square feet. The property offers many tenant amenities, including a fitness center, on-site deli, conference center, and tenant lounge. The property is ideally located in the heart of Plano, providing immediate access to Plano's affluent residential neighborhoods and high-end commercial developments.
"As we continue our geographic diversification in high demand/growth markets, the acquisition of Preston Park exemplifies our commitment to the Dallas Metroplex area. The quality, location and tenant mix of this asset was appealing to us day one," said Steve Hagenbuckle, Founder and Managing Partner of TerraCap.
The property is located in the Upper Tollway/West Plano submarket, which is one of the strongest areas in Dallas/Fort Worth and is poised for continued growth. The submarket boasts the highest suburban rental rates in the Metroplex, a well-educated labor pool, and a strong corporate presence. Plano is the home of Toyota's North American headquarters as well as the regional headquarters of Liberty Mutual and JPMorgan Chase.
"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."
Lincoln Property Company based in Dallas was hired to lease and manage the property. The seller was represented by Gary Carr and Robert Hill of CBRE. IberiaBank provided debt financing for TerraCap.
About TerraCap Management LLC
TerraCap Management, LLC considers thematic factors such as business formation, employment growth and population growth on a market-by-market basis, as most metros and submarkets have different economic-based industries and therefore move through their economic cycles differently. TerraCap makes moderate strategic overweighting or underweighting to markets, depending on the specific economic drivers influencing supply and demand.
The Investment Manager has been in operation since 2008 with offices located in Estero, FL, Tampa, FL, and the Atlanta, GA metro area. As operators, TerraCap believes it can make decisions more efficiently while leveraging expertise from property to property.
More information can be found at terracapmgmt.com.
For More Information, Contact:
TerraCap Management LLC
SOURCE TerraCap Management