PLANO - Whitestone REIT has purchased the 89,134-sf Headquarters Village at 8240 Preston Rd. (just south of SH 121) from St. Ives Realty Inc. for $25.7 million.
The 9.51-acre mixed-use property includes 67,141 sf of retail space and 22,256 sf of office space.
The property is 97 percent leased, includes an adjacent parking expansion area and has in-place cash flow of approximately $2 million, or 8 percent of the purchase price.
The four-year-old asset is adjacent to the 2,665-acre Legacy master-planned community, which serves Plano and Frisco.
Source: Whitestone REIT
Our twice-weekly e-newsletter provides a quick overview of Texas real estate markets. Because your time is valuable.