A California investor has made one of the first North Texas office purchases of 2024.
The Parkway Centre IV contains 153,238 square feet of office space. It’s on the Dallas North Tollway in Plano, just north of Willow Bend Mall.
The building was purchased by Los Angeles-based BH Properties, which owns other real estate in North Texas. The Dallas office of Newmark Group arranged the sale by an investment corporation representing Goldman Sachs. Terms of the sale were not disclosed.
“Parkway Centre IV is positioned to capture tenant demand for exceptionally located office space in proximity to key decision-makers in North Dallas,” Newmark’s Chris Murphy said in a statement. “This asset offers an attractive discount to newer buildings in Legacy while still providing access to the best-in-class amenities in the area.
“We are proud to have advised our client through the disposition process during a turbulent capital markets environment and remain optimistic about the opportunities that lie ahead in the new year.”
Constructed in 2006, the building recently received $2 million in upgrades and is 82% leased. Tenants include Norstan Communications, U.S. Metro Bank, Marriott International, Guardian Mortgage, Independent Bank and Sun Life Financial, Collin County tax records show.
Buyer BH Properties also owns a Plano shopping center and offices in Richardson. The 30-year-old real estate investor has more than 100 properties in 18 states.
The Parkway Centre IV sale is the fourth North Texas office purchase brokered by Newmark in the last 80 days.
The commercial property firm also sold the more than 2 million-square-foot CityLine office campus in Richardson and downtown Dallas’ landmark Plaza of the Americas office and retail center.
During the first nine months of 2023, investors purchased $1.2 billion in Dallas-Fort Worth office space.
