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1250 Lake Plaza Dr, Spring,...

Common Desk Leases 26750 Square Feet At 1250 Lake Plaza Dr From USAA Real Estate
LEASEDMixed-use

Common Desk Leases 26750 Square Feet At 1250 Lake Plaza Dr From USAA Real Estate

1250 Lake Plaza Dr, Spring, TX, 77389

Building Size

26,750 SF

Asset Type

Mixed-use

Closing

Nov 19, 2023

AI

The property involved in this transaction is a 26,750-square-foot leased space located at 1250 Lake Plaza Dr, Spring, TX, 77389, situated in the Montgomery market. The space is part of City Place, a mixed-use development in the northern Houston suburb of Spring, owned by Patrinely Group in partnership with USAA Real Estate.

Summary of transaction details:

Common Desk, a Dallas-based provider of coworking and flexible workspace solutions, has opened this location. The lease negotiations were facilitated by Chrissy Wilson and Matt Pruitt of JLL. Common Desk has also recently expanded its presence by opening a 25,000-square-foot space at HALL Park in Frisco.

Players

Dennis Tarro

Broker

3 deals

Broker
USAA Real Estate
USAA Real EstateLender
USAA Real Estate
USAA Real EstateLandlord

Montgomery Mixed-use Market Snapshot

Boundary boundary · Mixed-use · Lease transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

5.80%

Cash-on-Cash

-1.66%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93