Transwestern, State Farm Buy 380,000-SF Plano Office Building
- Aug 27, 2012
Transwestern Investment Management partnered with State Farm Life Insurance Co. to purchase an approximately 379,404-square-foot Class A office building located in Plano.
5320 Legacy Drive is one of three buildings in The Campus at Legacy, which was recently redeveloped to earn Leadership in Energy and Environmental Design (LEED®) certification from the U.S. Green Building Council (USGBC), according to a TIM news release. The building is 100 percent occupied by Denbury Resources Inc., an oil and natural gas producer, and serves as its corporate headquarters.
The building was sold by KDC Real Estate Development & Investments and Spear Street Capital, which purchased The Campus at Legacy property with two other partners in 2005. KDC redeveloped the buildings and took the 1.2 million-square-foot complex to 95 percent occupancy.
The deal was put together by Transwestern’s Collin Comer, managing director of national acquisitions, and Jonathan Napper, vice president of acquisitions, the company said in the release.
Meanwhile, a new $30 million upscale apartment community broke ground last week in Historic Downtown Plano. The mixed-use development is a public-private partnership between Chicago-based NXT Capital; Franklin, Tenn.-based Southern Land Co. and the city of Plano, according to the Dallas Business Journal. The official groundbreaking ceremony took place at the site on Aug. 22.
Scheduled for completion in 2014, the project will feature 279 units and 9,000 square feet of retail space, including an urban 7-Eleven store, developers said in a news release. Additionally, amenities will include a fitness facility, pool and other conveniences that support active lifestyles, but the developers agree that the most prominent amenity that this project will bring to its residents is convenient access to the abundant shopping and dining of Historic Downtown Plano.
Photo rendering of The Campus at Legacy, courtesy of Spear Street Capital