August 10, 2018
Plaza Tower, a 20-story office building in downtown Tyler, TX, sold to a local investment group consisting of Tim Brookshire, Garnett Brookshire, Andy Bergfiel and Tony Morgan. Seller Genecov Investments Ltd., also of Tyler, ended its 10-year hold on the building with the sale. The sales price was undisclosed, with Smith County appraising the asset at $9.2 million.
Situated on just under two acres at 110 N. College Ave., the 295,638-square-foot Plaza Tower – also known as the Bank of America Building – opened in 1979. In addition to the bank, the tenant mix is made up of attorneys, financial professionals and consulting firms.
The new owners also own the People’s Petroleum Building, which is next door to Plaza Tower. The group acquired the Petroleum Building in 2012, renovated it, and pushed occupancy from 10% to 95%. The investors are planning to renovate the just-acquired asset, with upgrades including the addition of ground-floor retail space.
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