“Parkwood has been a great performing asset for KBS over the
last 12 years, with a strong, average occupancy of over 91 percent that
exceeded market averages during the economic downturn of 2008 to 2011,” said
Rodney Richerson, Western Regional President for KBS. “This asset has and
should continue to perform well for the new owner going forward. KBS continues
to be a big believer in the Plano/Legacy sub-market of Dallas.”
Parkwood Place is a two-story office building offering
98,750 square feet of rentable space. Tenants of the building enjoy a tenant
lounge, conference facility and ample parking spaces.
The building is within Plano’s exclusive Legacy submarket
and in close proximity to retail, lodging and dining options. The property is
also close to major transportation routes including the Dallas North and San
Rayburn tollways, and the Addison Airport.
According to CBRE’s Dallas/Fort Worth Office MarketView Q4
2018 report, the Dallas Fort Worth region maintained solid job growth and
office vacancy rates remained flat.
“Parkwood Place embodies an ideal location for tenants
looking for a place to collaborate and prosper,” said Brett Merz, senior vice
president at KBS and asset manager for the property. “We are excited for the
new owners of the property, and hope they continue to enjoy the strength within
the Plano submarket.”
Robert Hill, Gary Carr and John Alvarado of CBRE represented
KBS in the transaction.