Collin Central Appraisal District has levied a $24-million assessment against the six-story office building, built in 2006 on 6.4 acres at 2701 Dallas Pkwy. Market sources say the asset's 96% occupancy and age would fetch in the $150 per sf range, give or take $10 per sf to $15 per sf. With the two sources closely aligned, it's a fairly good bet that General Investment & Development Cos. of Boston shelled out $24 million or close to it for the latest piece for its Windsor Business Park portfolio, which picked up a 110,400-sf two-building portfolio in Houston's Bammel Business Park in September and Barton Oaks Plaza I in Austin in June.
The sale means Heady Investments, a Dallas-based developer, has now sold the last of its four buildings in Parkway Centre since work began in 1997. The park fronts the Dallas North Tollway and is tucked between the Shops of Willow Bend and Legacy Office Park. A Holliday Fenoglio Fowler LP team in Dallas sold the class A real estate.
Heady Investments has plans for a fifth office building on its land, but today's economic climate isn't conducive to project starts at this time. The developer had no comment about the latest sale and when, or if, it will build a fifth Parkway Centre.
Records show Parkway Centre I, an 89,112-sf office building at 2901 Dallas Pkwy. was bought in May 2006 by Sun Life Assurance Co. of Canada. The 159,726-sf Parkway Centre II at 2805 Dallas Pkwy. was sold in August 2001 to the now-liquidated AmeriVest Properties Inc. of Denver and traded again in November 2006 to Koll/PER LLC, a joint venture of Koll Co. of Newport Beach, CA and San Francisco-based CalPERS. The 150,385-sf Parkway Centre III at 2745 Dallas Pkwy. moved to AmeriVest in September 2004 and then passed to Koll/PER in October 2006.
As for Parkway Centre IV's new owner, it's a division of GID that owns and manages four million sf of office and flex industrial space in Dallas, Memphis, Raleigh, NC, Richmond, VA, Philadelphia, Phoenix, and New Mexico. Windsor Business Park's team also has 1.4 million sf in lease-up, under construction, or permitted for development in Dallas, Jacksonville, FL, Raleigh and Richmond.
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