One Park 10 Plaza is located in the 550-acre Park Ten Office Park on the north side of Interstate 10 between Highway 6 and Barker Cypress Road. The eight-story building is situated on 3.2 acres at 16225 Park Ten Place.
Built in 1982, the property is 93.7 percent leased to tenants including GGS Spectrum Inc. and J. Connor Consulting. The property also includes a four-level, 560-space parking garage.
Miami-based Beacon Investment Properties assumed an $8.7 million CMBS first mortgage, and Parkway Properties also is providing a $1.5 million seller financed loan, which bears interest at 7.25 percent with interest-only payments maturing on June 1, 2012. The seller recognized a gain of about $8.6 million.
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