California investor takes Plano business park

A Californian investor has bought a new Plano Business Park.

Richland Capital purchased the two-building Plano Commerce Park, located on Plano Parkway north of Bush Turnpike.

The 176,000 square foot office and industrial campus was built by Dallas’ Provident Realty Advisors.

Buildings 2900 and 2920 E. Plano Parkway are fully let.

Provident Realty financed the groundbreaking for the property in 2019 with the online financing platform for commercial real estate CrowdStreet.

“We are very pleased with the result, as Plano Commerce Park was the first of several projects that we implemented with CrowdStreet,” said Leon Backes, founder and CEO of Company Name, in a statement. “The project was built and stabilized ahead of our planned schedule and sold for more than proforma.”

The investment was made possible by Mogul, a service from Millionacres, the real estate news division of The Motley Fool.

The tenants of the business park include Airbus and Critical Electrical Systems.

Richland paid more than $ 32 million for the property.

The acquisition was funded with a $ 19.44 million loan, according to the county records.

Buyer Richland Capital has offices in California and Tampa.

Stephen Bailey, Dustin Volz and Zach Riebe from Jones Lang LaSalle brokered the sale.

Provident Realty is building additional office and industrial buildings in Texas and Louisiana.

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