Richland Communities Acquires 2900 & 2920 East Plano Parkway Office & Industrial Property In Dallas For $32M
2920 East Plano Parkway, Plano, TX 75074, USA
$32,000,000
$181/SF
Building Size
176,000 SF
Asset Type
Office
Closing
Sep 7, 2021
About this deal
AI
Richland Communities, represented by Matt Bray, has acquired two properties located at 2900 & 2920 East Plano Parkway in Dallas. The properties are classified as office and industrial assets and cover a total square footage of 176,000. The sale price for this transaction was $32,000,000, resulting in a price per square foot of $182. The seller, Provident Realty Advisors, was represented by Leon Backes.
Summary of transaction details
- Property Type: Office & Industrial
- Transaction Amount: $32,000,000
- Address: 2900 & 2920 East Plano Parkway, Dallas
- Buyer: Richland Communities - Matt Bray
- Seller: Provident Realty Advisors - Leon Backes
This transaction showcases the involvement of Matt Bray from Richland Communities as the buyer's representative, while Leon Backes represented Provident Realty Advisors as the seller's representative. The acquisition demonstrates the strong interest in office and industrial assets in the Dallas market.
Players
Plano Office Market Snapshot
Boundary boundary · Office · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.50%
Cash-on-Cash
-0.14%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93