August 11, 2017
Caddo Holdings sold the 259,009-square-foot Preston Plaza, a Class A office property in Far North Dallas. Tanglewood Property Group represented affiliate TPG Preston Plaza LP in buying the asset at 17950 Preston Rd. The price was undisclosed, with the asset valued at $28.5 million. Caddo Holdings had owned the 30-year-old property since 2014.
CBRE’s Eric Mackey, Gary Carr, John Alvarado, Jared Chua, and Robert Hill arranged the transaction on behalf of the seller. Preston Plaza is 91% occupied and leased to diverse tenants including Sovereign Bank, Slater & Matsil, The Ayco Company, and Progressive Casualty Insurance. On-site amenities include a full-service deli, tenant lounge, conference facility, and ATM and retail banking by Sovereign Bank.
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