Rosewood, Pillar JV Buys DFW Industrial Asset

Rosewood Property Co., in a partnership with Pillar Commercial, has purchased Plano Commerce Center, a two-building industrial asset in Plano, Texas. The seller of the 200,765-square-foot Class A property was Provident Realty Advisors.

MetLife Investment Management provided nearly $20.6 million in acquisition financing, according to Collin County public records.

The properties are 71.1 percent leased to a mix of tenants, such as Senderra Specialty Pharmacy, Ulrich Medical USA, Cheer Athletics and Acre Security. Pillar Commercial is currently marketing the remaining 58,000 square feet for lease.

Plano Commerce Center includes two one-story industrial facilities at 3700 and 3712 E. Plano Parkway. Built in 2022, the properties feature 24-foot clear heights, loading doors, dock-high doors, an ample truck court and 222 vehicle parking spots.

The 22-acre property is within the Metroplex’s East Plano submarket, close to U.S. Routes 75 and 190. Dallas-Fort Worth International Airport is 31 miles away, while Irving, Texas is 36 miles away. Fort Worth, Texas is within 54 miles of Plano Commerce Center.

DFW led the U.S. in sales

Dallas-Fort Worth led the nation in year-to-date sales as of November, according to a recent CommercialEdge report. The Metroplex recorded $4.2 billion in industrial investment volume, with assets changing hands at an average price of $113 per square feet. The market had one of the lowest average sales prices in the country, clocking in below the national figure of $128 per square foot.

In December, Longpoint Partners picked up Valley View Business Center in Irving, Texas, from Brookfield Asset Management. The 414,871-square-foot distribution center within the Las Colinas submarket was fully occupied at the time of the deal.

During the same month, Maryland-based WareSpace acquired a 241,004-square-foot industrial building in Addison, Texas. The property is within Inbound on Inwood, an 1.1 million-square-foot redeveloped industrial campus owned by M2G Ventures and Pennybacker Capital.