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.
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