Equus Capital Acquires Dallas-Area Office Building
- Jan 03, 2019
Equus Capital Partners Ltd. has acquired Lincoln Legacy One, a 207,834-square-foot Class A office building situated in the mixed-use park known as Legacy Town Center in Plano, Texas. The property’s previous owner is LIC Asset Management, based in Germany, according to Yardi Matrix.
The buyer has closed the acquisition on behalf of Equus Investment Partnership XI LP and plans to rebrand the property as Gateway at Legacy.
“There are limited large blocks of space located within quality buildings that have the access to amenities that Legacy at Gateway offers,” Kyle Turner, Equus’ vice president–director of investments, told Commercial Property Executive. “We believe the combination of effective asset enhancements will meet the demand expectations of the market.”
As part of its renovation plan, the company plans to upgrade the lobby, add a fitness center, as well as multiple tenant lounges and collaboration areas that appeal to the workforce in North Dallas.
“Gateway at Legacy is located within a vibrant mixed-use environment and within a broader metropolitan area that is a leader in employment and population growth,” Turner said. “The property currently presents the opportunity for immediate value creation through asset enhancement and executing on the positive leasing momentum within the Legacy area.”
Gateway of Legacy’s 26,988 square-foot floor plates and central core offer tenants efficient single or multi-tenant layouts.
There’s also a four-story parking garage on-site, easily accessible from the building through a covered walkway at the ground level, as well as surface parking for a combined parking ratio of 4.1 spaces per 1,000 square-feet.
A retail Mecca
Located at 6860 Dallas Parkway, the eight-story office building was developed in 2006 and is LEED Gold certified. The property, which was 40 percent leased at the time of the sale, sits on a highly visible 4.64-acre site adjacent to the North Dallas Tollway and Tennyson Parkway. It benefits from an amenity-rich location in the vibrant Legacy Town Center, offering tenants a best-in-class “live, work, play” environment.
Gateway at Legacy is within walking distance from numerous retail, dining and entertainment options at The Shops at Legacy and Legacy West, which combined feature more than 600,000 square feet of experiential and service-oriented retail, five hotels, approximately 3,000 apartments, and more than 6 million square feet of office space.
Additionally, Stonebriar Mall and The Star at Frisco offer retail options just 2 miles to the north of the property, in Frisco.
According to Turner, the Legacy micro-market is one of the top performers across the country, boasting a mid-single digit vacancy rate for properties with direct amenity access.
“Our ethos is to acquire and reposition high-quality properties located within high barrier and vibrant locations throughout the top growth markets in the U.S.; Gateway at Legacy is a good example of opportunities we are seeking to replicate,” he said. “The growth in the North Dallas area and specifically Plano and Frisco are top attracters for a highly talented and diversified workforce and employment base.”
Equus’ Associate Scott Miller also was part of the acquisition team.
In December, Equus acquired the Highlands Campus Tech Centre, a three-building office and flex complex in Bothell, Wash., for $38.1 million from Investcorp.
Image courtesy of Equus Capital