Richland Communities Acquires 2900 & 2920 East Plano Parkway Office & Industrial Property In Dallas For $32M
SOLD
$32,000,000
Texas
See Similar DealsOffice176,000 SF
Sold 09/08/2021
SOLD
Richland Communities Acquires 2900 & 2920 East Plano Parkway Office & Industrial Property In Dallas For $32M
2920 East Plano Parkway, Plano, TX 75074, USA
See Similar DealsOffice176,000 SF
Sold 09/08/2021
Summary
TEXAS
Asset Type:Office
Price Per Square Foot:$181
Total Square Footage:176,000 SF
Transaction Type:Sale
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.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,706,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$113,689.24
Cash-on-Cash Return-1.27%
Monthly Debt Service$151,696.33
Annual Debt Service$1,820,355.91
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