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:
- Property Type: Office
- Transaction Amount: Not disclosed
- Address: 5908 Headquarters Dr, Plano, TX
- Market: Plano
- Square Feet: 318,067
- Landlord's Representatives: Michael Brigance-Capital Commercial Investments, Teddy Childers-Capital Commercial Investments
- Tenant: J.C. Penney Co.
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
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