A St Louis-based property investor is upping its holdings in North Texas with the purchase of a Plano office building and another deal in the works.
Larson Capital Management just acquired the Lincoln Legacy Two building on the Dallas North Tollway.
Located in Legacy business park, the 130,371-square-foot office property since 2018 has been owned by Dallas’ Pillar Commercial and Maryland-based Artemis Real Estate Partners.
The previous owners made upgrades to the five-story property built in 2014. The building is 90% leased.
Commercial property firm Newmark Group brokered the building sale.
“Lincoln Legacy Two is one of the premier assets located in one of the nation’s fastest-growing submarkets,” Newmark’s Robert Hill said in a statement. “This transaction reflects the incredible demand we are seeing for best-in-class assets in high-growth submarkets across the state of Texas.”
Newmark’s Hill, Chris Murphy, Gary Carr and Chase Tagen marketed the property for sale.
The purchase is the second recent Dallas-area buy for Larson Capital. Last summer, the investor snapped up the 10-story Granite Tower offices on Valley View Lane at LBJ Freeway.
Larson Capital has another four-story Plano office, the Legacy Center building on Legacy Drive, under contract to purchase for almost $59 million. The four-story, 175,000-square-foot Legacy Center office complex is owned by a real estate partnership headed by Dallas’ Cawley Partners.
Dallas-Fort Worth has been one of the country’s top office investment markets this year, with more than $900 million in property sales.