FRISCO, TX—Buoyed by double-digit tech-sector employment growth, Dallas-Fort Worth is among the top markets for growth in both acquisitions and leases. Investors and tenants alike have chosen the metro for its widespread appeal to employees and residents.
A recent example of the investment popularity of the area is the sale of a large portion of Frisco Square, including three office buildings and two multifamily buildings, all with ground-floor retail, a Cinemark Theatre and additional land development sites. Located within a pedestrian-friendly urban mixed-use development, the offering includes more than 213,000 square feet of class-A office and retail space along with 144 class-A multifamily units. The master-planned development will encompass as much as 4.4 million square feet of office, retail, multifamily and municipal facilities in an area of 147 acres.
An affiliate of Maxus Realty Trust Inc. acquired the properties for an undisclosed purchase price. CBRE's Evan Stone, Gary Carr, John Alvarado, Eric Mackey, Robert Hill, Jared Chua, Ryan Reid, Jeremy Faltys and Nita Stewart arranged the transaction on behalf of the seller.
“The Frisco Square sale is another validation by a sophisticated investor that the positive trends in the Plano/Frisco market will continue into the future,” Stone, senior vice president, tells GlobeSt.com. “Maxus Capital invests across the country and they chose Frisco Square as their next major investment. We see that as a big vote of confidence for the project and the city of Frisco.”
DFW is been one of the top markets in the country for rising office rents during the past two years, according to a recent report by CBRE, which measures the tech industry's impact on office rents in the top markets in the US and Canada. On the list of 30 markets, Dallas-Fort Worth had the sixth greatest rent growth. Dallas-Fort Worth's high-tech employment grew 12.5% during 2015 and 2016, with average office asking rents rising 15.7% to $24.01 from second quarter 2015 to 2017.
“Frisco Square presented investors a truly unique investment opportunity,” said Stone. “It offers a true live-work-play in an urban environment within a rapidly expanding suburban market featuring superior demographics, robust job and population growth, and unprecedented capital investment.”
Frisco Square's office space is 92% leased and its retail space is 66% leased to popular retailers and restaurants such as Cinemark, Barre 3, Mattito's Tex Mex and Jake's Uptown Burgers. Additionally, the Plaza at Frisco Square apartment community is 95% leased. The multifamily properties are The Boulevards at Frisco Square, The Plaza at Frisco Square and Ablon at Frisco Square Apartments.
Frisco Square is located at the intersection of the Dallas North Tollway and Main Street (FM 720), only 30 minutes from Dallas, Dallas/Fort Worth International Airport and Dallas Love Field. The multi-generational site is located steps from Toyota Stadium, home to FC Dallas professional soccer team and the soon to be completed National Soccer Hall of Fame Museum. Within 10 minutes of Frisco Square are Legacy West and Frisco's $5 Billion Mile, which includes the Dallas Cowboys' new headquarters office and practice facility.
The Frisco Library, Frisco Heritage Village and Museum, Frisco Discovery Center and Black Box Theater, the Sci-Tech Discovery Center (and the impending Museum of the American Railroad) are other unique attributes, GlobeSt.com learns. Frisco's City Hall and offices for Collin County are located in Frisco Square as well.
To support the community, Frisco Square hosts family-friendly events throughout the year. The annual Christmas in the Square holiday lights and music spectacular has become the largest event in Collin County and the third largest event in North Texas. Frisco Square also presents Arts in the Square, Music in the Square and Trick or Treat the Square, while also playing host to smaller events such as 5K runs, parades and the Frisco Rotary Farmers Market, the largest farmers market north of Dallas.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
