Two local firms have teamed up to purchase a large industrial complex in east Plano.
Dallas-based Rosewood Property Co. and Allen-based Pillar Commercial LLC bought the two-building, 200,765-square-foot industrial site from Provident Realty Advisors, according to a Jan. 21 announcement. The buildings are part of the Plano Commerce Center at 3700 E. Plano Pkwy.
The site, which first opened in 2022, is 71% occupied by tenants such as Acre Security, Ulrich Medical USA, Cheer Athletics and Senderra Specialty Pharmacy. Pillar is currently marketing a vacant 58,000-square-foot space for lease.
Financial terms of the deal were not disclosed. New York-based MetLife provided financing for the purchase.
Brandon Cooke, Rosewood's vice president of acquisitions and joint ventures, said the property met all the key criteria the company looks for when investing in new developments. Rosewood Property is the real estate investment arm of Rosewood Corp., founded by the late Caroline Rose Hunt, daughter of legendary oilman H.L. Hunt.
"Our sweet spot continues to be multi-tenant, infill distribution centers in major markets that offer upside through existing vacancies, near-term lease expiration and below-market rents," Cooke said in a statement. "East Plano is an affluent and established infill industrial submarket."
Overall, the Dallas Fort-Worth industrial market saw 8.6 million square feet of leasing activity in the fourth quarter, the lowest level since 2020, according to a recent report by Cushman & Wakefield. Fewer large deals brought the average deal size down to 44,473 square feet. The report noted that "right-sizing and consolidations" played a role in reduced absorption rates, as tenants focused on using space more efficiently to manage higher rents.
Notable move-ins over the past two years included Google in West Fort Worth and RJW Logistics in Mesquite.
"Plano Commerce Center boasts a strong tenancy and superior location making it an ideal launch for this new venture," Pillar Commercial founder and CEO Manny Ybarra said in a statement.
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