Cole Real Estate Investments acquired a 318,600-square-foot, 12-story, Class A office building in Plano, TX, from KDC Real Estate Development & Investments for $120 million or $377 per square foot.
The tower is part of Legacy Business Park and was completed this year. It includes a seven-story parking structure attached by a sky bridge. The property is 100 percent leased to Encana Oil as its regional corporate office with approximately 15 years remaining on the net lease with multiple renewal options.
Gary Carr, vice chairman of the investment properties institutional group for CBRE, represented the seller, while Cole was represented internally by Boyd Messmann, senior vice president of acquisitions, office and industrial.
Please see CoStar COMPS #2608284 for more information on this transaction.
Editor's note: The article was updated with KDC Real Estate Development & Investments as the seller.