KBS, one of the nation’s largest owners and operators of premier commercial real estate assets, has completed the sale of Tollway North Office Park, a seven-building, 297,591-square-foot Class A business campus located in Plano’s Legacy Business Park, part of the Dallas-Fort Worth metro area. The property was acquired by BH Properties, a Los Angeles-based commercial real estate investment firm specializing in value-add acquisitions.
According to Giovanni Cordoves, KBS’ Western regional president, the transaction highlights the firm’s long-standing investment presence within the Dallas-Fort Worth market, which continues to benefit from strong population and employment growth.
“Tollway North is a strategically located asset that delivered stable performance throughout our hold period,” says Cordoves. “Our objective is to identify markets with strong long-term fundamentals, invest thoughtfully to enhance value and execute dispositions when appropriate.”
Cordoves notes that KBS has invested in the Dallas-Fort Worth market across multiple cycles and property types, leveraging decades of market knowledge.
“Our experience extends beyond office and includes multifamily, industrial, retail and mixed-use properties,” says Cordoves. “That broader understanding helps us evaluate evolving market conditions and make informed acquisition and disposition decisions across market cycles.”
Tollway North Office Park has dedicated exterior suite entrances, 10- to 13-foot finished ceilings, building signage opportunities and a parking ratio above the market average. The property has the potential to accommodate a variety of office, research and development, light industrial and other commercial uses.
According to Brett Merz, senior vice president at KBS and investment manager for Tollway North Office Park, the sale reflects the successful execution of the firm’s strategy.
“We are proud of the property’s consistent performance throughout our ownership,” notes Merz. “Our team remained focused on maintaining a high-quality operating environment, investing in the asset where appropriate and responding to tenant needs. Combined with the strength of the Legacy Business Park location, those efforts helped position Tollway North for a successful sale.”
The Dallas-Fort Worth metro area remains one of the nation’s leading growth markets, supported by corporate relocations, population growth and a highly educated workforce. Within the region, Plano’s Legacy Business Park is widely recognized as a premier business destination, offering a mix of office, retail, residential and hospitality amenities anchored by Legacy West and The Shops at Legacy.
Newmark’s Chris Murphy, Gary Carr, Robert Hill and Austin Sheahan, represented KBS in the transaction. Murphy notes the sale reflects continued investor interest in well-located assets within Plano’s Legacy Business Park.
“Tollway North’s location, functional single-story design and underlying land value resonated with buyers seeking both current cash flow and long-term optionality,” says Murphy. “The property’s strong operating history and KBS’ disciplined stewardship throughout its ownership contributed to a highly competitive marketing process.”
Attorneys Bruce Fischer and Caroline Pricher, along with paralegal Amanda Kennedy of Greenberg Traurig LLP, represented KBS in the disposition.
“The sale of Tollway North reflects KBS’ long-term investment discipline and thoughtful management of the asset over time, as well as the continued strength of the Legacy Business Park market,” says Fischer, chair of the firm’s West Coast real estate practice and co-managing shareholder of the Orange County office.
Scott Henry, BH Properties’ managing director of acquisitions based in Dallas, adds, “We look forward to building on the property’s strong foundation and continuing its success as a premier business campus within the Legacy Business Park.”
Tollway North Office Park is located at 5200 Tennyson Parkway, Plano, Texas 75024. High-resolution property photos are available at: Tollway North Photos (this link will expire in 30 days).
Story first published in Citybiz