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651 North Plano Road

Reuben Berman Of Entrada Partners Acquires Richardson Tech Center From Alan Hartman For $8.6M
SOLDMixed-use

Reuben Berman Of Entrada Partners Acquires Richardson Tech Center From Alan Hartman For $8.6M

651 North Plano Road

Building Size

Asset Type

Mixed-use

Closing

Sep 4, 2024

AI

The transaction involved the sale of a mixed-use asset located at 651 North Plano Road in the Richardson market. The property, known as Richardson Tech Center, consists of four buildings and was previously purchased for $5 million in 2018. The current market value is noted at $8.6 million.

Summary of transaction details:

  • Property Type: Mixed-use
  • Transaction Amount: Not disclosed
  • Buyer: Reuben Berman - Entrada Partners
  • Seller: Alan Hartman - Hartman Properties
  • Lender: Zions Bancorporation

Alan Hartman's Hartman Properties facilitated the sale to an entity linked with Entrada Partners, reflecting a significant increase in property value since the original purchase.

Players

Zions Bancorporation
Zions BancorporationLender

Richardson Mixed-use Market Snapshot

Boundary boundary · Mixed-use · Sale transactions

Loading comparables…

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