Office building in Plano's Legacy Park sells to investors
An office building in Plano's booming Legacy business park has changed hands marking the second recent sale in that area.
Dallas' Pillar Commercial and Artemis Real Estate Partners have purchased the Lincoln Legacy II building at 5810 Tennyson Parkway near the Dallas North Tollway from developer Lincoln Property Co. and USAA.
Built in 2014, Lincoln Legacy II was purchased with financing from Metropolitan Life Insurance. The 5-story building has 130,000 square feet of space.
"Legacy has been a top performing office submarket in the Dallas-Fort Worth region and we envision continued business growth along this corridor," Manny Ybarra, founder and president of Pillar Commercial, said in a statement. "With its strategic location and investment potential, Lincoln Legacy II is an ideal asset to add to our joint venture with Artemis."
In 2016, partners Pillar and Artemis bought Duke Bridges III, a 160,000 square-foot office development located just north of Legacy business park in Frisco.
The investors also own the 8222 Douglas Avenue office building in North Dallas' Preston Center district.
Jack Crews and Brad Enloe of JLL negotiated the Lincoln Legacy II purchase. Terms of the sale were not disclosed.