A California-based investor has snapped up a new Plano business park.
Richland Capital bought the two-building Plano Commerce Park on Plano Parkway north of Bush Turnpike. The 176,000-square-foot office and industrial campus was built by Dallas’ Provident Realty Advisors.
The buildings at 2900 and 2920 E. Plano Parkway are fully leased.
Provident Realty funded the groundbreaking for the property in 2019 with the CrowdStreet online commercial real estate funding platform.
“We are very pleased with the outcome, as Plano Commerce Park was the first of several projects we have capitalized with CrowdStreet,” Leon Backes, founder and CEO of Provident Realty, said in a statement. “The project was built and stabilized ahead of our projected schedule and sold for more than pro forma.”
The investment was facilitated by Mogul, a service of Millionacres, the real estate news arm of The Motley Fool.
Tenants in the business park include Airbus and Critical Electrical Systems.
Richland paid more than $32 million for the property. The acquisition was financed with a $19.44 million loan, county records show. Richland Capital has offices in California and Tampa.
Stephen Bailey, Dustin Volz and Zach Riebe of Jones Lang LaSalle brokered the sale. Provident Realty is building other office and industrial buildings in Texas and Louisiana.