A local investor has purchased a five-property office plaza in McAllen, Texas, that has the potential for redevelopment.
Kalifa Real Estate acquired the Professional Plaza Office Complex from CRA Professional Plaza LLC for $3.65 million in November.
The sale earned a 2025 CoStar Impact Award for sale/acquisition of the year as judged by real estate professionals in the Greater McAllen market.
Local real estate experts said the Professional Plaza sale could bode well for the market's economy and workforce.
“It is always nice to see investment in the core of cities throughout Texas. This sale will hopefully keep jobs in McAllen's central business district,” said Tim Early, associate professor at Texas A&M's College of Architecture.
About the deal: The Professional Plaza Office Complex spans 40,000 square feet and was more than 80% occupied at the time of sale, according to CoStar data.
What the judges said: “Ideal match of dark space revived by new sale, new ownership,” said Rebecca Olaguibel, retail and business development coordinator for the city of McAllen.
They made it happen: Erica de la Garza-Lopez, asset manager at 956 Realty; Charles Marina, broker at First American Realty Commercial; Lidza Kalifa, finance manager for AKAK Management; and Abdala Kalifa, owner of Kalifa Real Estate.