A group of investors affiliated with real estate investment partnership CapRocq has purchased the Parkway Commons building at 5068 W. Plano Parkway in Plano, Texas, for $13.6 million.
The deal closed Friday, following the Dec. 14 announcement of CapRocq Core 2's $33.25 million investment in the Wells Fargo Center in Greenville, South Carolina.
Kevin Huchingson and Isaac Smith of Colliers International in Arkansas represented the buyer in the sale. Bruce Butler of Colliers International in Texas represented the seller.
"The strong and improving regional economy in the Dallas area drew our partners to this building," Hutchingson, president and CEO of Colliers in Arkansas and co-founder of CapRocq, said in a news release. He said this is the investors' second acquisition in that market.
Colliers in Texas will lease and manage the three-story, 101,289-SF "Class A" office building in the "Platinum Corridor" of Dallas. It is 89 percent occupied with tenants including Farmer's Insurance, Rugsluxe.com LLC, Qualitest and Kenny's Restaurant Group.