Property consists of four Class-A buildings totaling more than 126,000 square feet
Stream Realty Partners (Stream) – a national commercial real estate services, development and investment firm, announces the sale of the Jupiter Service Center, a four-building flex office/R&D portfolio consisting of 126,485 square feet in Plano.
Jupiter Service Center offers varied product types, and a diverse range of suite sizes. Located on nine acres in east Plano at the intersection of Jupiter Road and 10th Street in the Plano Industrial Submarket, the properties are less than a mile north of the President George Bush Turnpike, providing excellent infrastructure access.
Stream’s Investment Sales team of Jamie Jennings, managing director and James Mantzuranis, vice president and leasing brokers, Matt Dornak, vice president; and Ryan Wolcott, vice president; represented the seller, Situs, in the disposition. The purchaser in the transaction was Kennington Property Company.
“These properties offer the buyer the opportunity to build its portfolio with more assets in one of the most sought-after, growing segments in Dallas-Fort Worth,” said Jamie Jennings of Stream. “The Plano/Richardson submarket ended the fourth quarter of 2016 with an overall vacancy rate of 6.2 percent.”
Ranked as the 5th largest Industrial Market nationally, the Industrial Real Estate Market in Dallas/Fort Worth is extremely healthy, boasting a current vacancy rate of approximately 6.5 percent. the D/FW Office Market has posted strong positive net absorption over the past five years, with 2.77 Million square feet absorbed as of 4Q 2016.
About Stream Realty Partners
Stream is a commercial real estate firm with locations across the country. The company’s full-service offerings cover the broad spectrum of leasing, management, development, construction, and investment sales services across the commercial real estate industry. In addition, Stream specializes in sourcing acquisition and development opportunities for the firm and its clients. Since its formation in 1996, Stream has grown from its two original partners to a staff of more than 750 real estate professionals nationwide, with regional offices in Atlanta, Austin, Charlotte, Chicago, Dallas, Denver, Fort Worth, Houston, San Antonio, San Diego, Orange County and Washington, D.C. Stream currently has more than 130 million square feet of assignments across the nation, completes over $2.4 billion in real estate transactions annually and is considered one of the most active investors and developers in the real estate industry. Visit www.streamrealty.com.