FORT WORTH—A 113,299-square-foot office complex located at 2701 West Plano Parkway in Plano sold to Plano Parkway Business Center LLC, a syndication partnership set up by managing partners and promoters Steve Fithian, a DFW commercial broker, and Thomas K. Wilson, founder of Wilson Investment Properties Inc.
The office building, built in 1998, was sold by Plano Plaza LLC with Steve Simon and Steve Rowland of Transwestern representing the seller, and Fithian representing the buyer.
SVN | Trinity Advisors will manage the office building, which is located on 8.76 acres of land just north of the George Bush Turnpike Corridor between the Dallas North Tollway (SH-190) and Central Expressway (US-75) in the Telecom Corridor. Current tenants include Republic Title of Texas, Wizetrade, Patient-Physician Network and Teradyne.
"This property is attractive for its upside potential," Fithian says. "It has a 29 percent vacancy in the strongest submarket in DFW."
The property was purchased through a real estate syndication set up by Fithian and Wilson.
"Because the Texas market is booming, quality investments are becoming more of a challenge for investors to individually find," Fithian says. "Syndication investing enables an investor to participate in larger and higher-quality investments that they normally wouldn't be able to participate in on their own."
This is the third real estate syndication that Fithian and Wilson have put together in 2015. Fithian has been in the brokerage business for over 25 years, and is the broker / owner of three companies - SVN | Trinity Advisors, Visions Realty & Investments and Frontline Property Management. In addition to Wilson Investment Properties, Wilson owns Real Estate Radio LIVE, a radio show that provides education on real estate investing.
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