PLANO, TX-Cole Real Estate Investments acquired the 318,600-square-foot regional headquarters of Encana Oil & Gas USA Inc., adding the single-tenant, net-leased property to its growing portfolio. The Phoenix buyer paid $120 million for the Legacy Business Park office building located in the far north Dallas submarket.

Construction of the class A office tower at 5851 Legacy Circle was completed in October, 2012. According to a report on Plano's Economic Development website, Dallas-based KDC broke ground on the seven-acre site in 2010. Upon completion of the office building and accompanying parking garage, KDC leased the buildings back to Encana, which is headquartered in Calgary. Corgan Associates was the architect, while Cushman & Wakefield of Texas helped the North American energy producer find the ideal location for its Texas and Louisiana operations. There are 15 years remaining on the Encana lease.

"This latest transaction further illustrates our active portfolio management strategy,” comments Thomas W. Roberts, Cole's executive vice president and head of real estate investments in a press release describing the transaction. “Available proceeds from recent property sales are being invested in a high-quality asset under a long-term lease, providing a strong yield and enhancing portfolio diversification. Those factors, combined with the strategic importance of this facility, attractive location and recent construction, make this an ideal investment while adding a prominent energy sector organization to our growing roster of diversified tenants nationwide.”