The 113,299 sq ft office complex located at 2701 West Plano Parkway in Plano, TX recently sold to Plano Parkway Business Center LLC, a syndication partnership set up by managing partners and promoters Steve Fithian, CCIM, a DFW commercial broker, and Thomas K. Wilson, founder of Wilson Investment Properties, Inc.
The office building, built in 1998, was sold by Plano Plaza LLC with Steve Simon and Steve Rowland of Transwestern representing the seller, and Fithian representing the buyer.
SVN | Trinity Advisors will manage the office building, which is located on 8.76 acres of land just north of the George Bush Turnpike Corridor between the Dallas North Tollway (SH-190) and Central Expressway (US-75) in the heart of the Telecom Corridor known as Silicon Prairie. Current tenants include Republic Title of Texas, Wizetrade, Patient-Physician Network and Teradyne.
“This property is attractive for its upside potential,” Fithian said. “It has a 29 percent vacancy in the strongest submarket in DFW.”
Plano is home to six Fortune 1000 companies. According to the Plano Economic Development Corporation, there are over 266,000 residents in Plano, and the median household income is $82,484. From 2000 to 2010, the city grew by 17 percent. Plano Economic Development Corporation also reports that WalletHub.com recently ranked Plano as the 3rd hardest working city in America and the 10th best city to find a job.
The property was purchased through a real estate syndication set up by Fithian and Wilson. Much like “crowd-funding,” real estate syndication investing is a means for investors to pool their money together to purchase real estate properties, with each investor owning a percentage of the shares in the property.
“Because the Texas market is booming, quality investments are becoming more of a challenge for investors to individually find,” Fithian said. “Syndication investing enables an investor to participate in larger and higher-quality investments that they normally wouldn’t be able to participate in on their own.”
This is the third real estate syndication that Fithian and Wilson have put together in 2015. Fithian has been in the brokerage business for over 25 years, and is the broker / owner of three companies – SVN | Trinity Advisors, Visions Realty & Investments and Frontline Property Management. Wilson has been involved in real estate since the 1970s, and owns Wilson Investment Properties, Inc. He also owns Real Estate Radio LIVE, a radio show that provides education on real estate investing. For more information, visit http://