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5908 Headquarters Dr, Plano...

J.C. Penney Co. Leases Office Space At 5908 Headquarters Dr, Plano
LEASEDOffice

J.C. Penney Co. Leases Office Space At 5908 Headquarters Dr, Plano

5908 Headquarters Dr, Plano, TX, 750...

Building Size

318,067 SF

Asset Type

Office

Closing

Nov 20, 2023

AI

The property asset involved in this context is located at 5908 Headquarters Dr, Plano, TX, with a total square footage of 318,067. It is an office space situated within the market of Plano, specifically at the CalWest office building, which boasts a total area of 1.8 million square feet and is part of a larger 86-acre campus that includes various amenities.

Summary of transaction details:

Michael Brigance and Teddy Childers were responsible for representing the landlord, Capital Commercial Investments, during the lease negotiations. The tenant, J.C. Penney Co., is expected to occupy its new office headquarters this fall after previously vacating its former premises in 2020 amid bankruptcy proceedings.

Players

Teddy Childers

Capital Commercial Investments

Broker

2 deals

Broker

Plano Office Market Snapshot

Boundary boundary · Office · 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