JLL’s capital markets team has closed the sale of an 83,140-square-foot, multi-tenant, value-add light industrial building at 1501 N. Plano Road in the northern Dallas suburb of Richardson, Texas.
JLL worked on behalf of the seller, Prattco Creekway Industrial. Berkeley Partners purchased the asset for an undisclosed sum.
The one-story building was completed in 1984 and features four loading docks, two drive-in doors, nearly 40 percent office finish and ample parking. The property is home to a mix of nationally and locally based companies with an average remaining lease term of slightly less than four years
Located in Richardson, the property is within the epicenter of the Richardson Industrial submarket, Dallas’ largest and most active suburban submarket. Properties in this submarket benefit from a strong user demand for light industrial space and minimal vacancy. The building is at the intersection of Plano Road and E. Collins Boulevard with frontage and direct access to major Dallas arterials, including State Highway 75, President George Bush Turnpike and Interstate 635.
The JLL capital markets investment advisory team representing the seller was led senior director Stephen Bailey, director Zane Marcell and analysts Zach Riebe and Erin Lazarus.
