In a joint venture, Rosewood Property Co. and Pillar Commercial have acquired Plano Commerce Center, an industrial property consisting of two buildings in Plano, Texas. The previous owner of the Class A property spanning 200,765 square feet was Provident Realty Advisors.
To fund the purchase, MetLife Investment Management provided approximately $20.6 million in financing.
According to Commercial Edge data, the current occupancy rate for these properties is 71.1%, with tenants including Senderra Specialty Pharmacy,Ulrich Medical USA,Cheer Athletics,and Acre Security.Pillar Commercial is currently handling leasing for the remaining 58,000 square feet.
Plano Commerce Center comprises two single-story industrial facilities located at3700 and3712 E.Plano Parkway.Built in2022,the properties boast features such as24-foot clear heights,dock-high doors,a spacious truck court,and222 parking spaces.The22-acre site sits within East Plano submarket of Metroplex,near U.S.Routes75and190.
This transaction was reported by Connect CRE under “Provident Unloads Plano Warehouses.”
