JV Closes on First Office Acquisition, Independence Medical Center
Originally posted on Connect Texas
Paragon Development teamed up with Worldwide Commercial on its first office acquisition, Independence Medical Center, at 5501 Independence Pkwy. in Plano, TX. The seller of the three-story, 50,872-square-foot office/medical office building was listed as Independence Medical/Dental Center LC.
Worldwide Commercial’s Jerad Rector said the property’s appeal included strong market fundamentals, as well as upside from below-market rents. Added Paragon’s Aaron Hultgren: “The building is a great structure, and the previous owners have injected significant capital on some of the major components, so we feel really good about this acquisition.”
The building, which delivered in 1986, includes a mix of office and medical office tenants. Rector, Chris Castillo and Erin Leibfarth with Worldwide Commercial represented the buyer in the transaction.
Other News
PAve Bar in Downtown Sioux Falls opens Friday
Originally posted on Dakota News Now PAve Bar in Downtown Sioux Falls on Phillips Avenue will open Friday. PAve was named after Phillips Avenue since it is located on Phillips and 10th Street. PAve is located where...
New Downtown Bar Brings New Concept To City
Originally posted on Keloland Change is coming to downtown Sioux Falls this summer. What’s left of the downtown mainstay Skelly’s closes next month. In most of its place will be a two-story bar/restaurant with a...
Legacy Developments giving new look to properties
Originally posted on Sioux Falls Business Journal Fast-forward six months and Drake is far from slowing down. Last year’s investments are starting to come together, with tenants planning to move into the downtown...