374K SF West Plano Life Sciences Park Sells
Investment manager and office tenant operator Accesso offloaded a 374K SF, seven-building office park located in West Plano's Legacy business park.
The buyer, a fund controlled by DRA Advisors LLC, purchased the Legacy R&D campus, which offers office and research and development space, particularly for healthcare and life sciences firms. Accesso will continue on as the property's manager.
Legacy R&D, a campus-style business park located at Tennyson Parkway and Pinecrest Drive, is 85% leased and enjoys immediate access to the Dallas North Tollway and Sam Rayburn Tollway. Accesso has owned the property since 2012.
“This single-story office product has seen increased demand from tenants following the pandemic and we were able to capitalize on a highly competitive process to provide a strong return to our investors,” Accesso Associate Director of Investments Alex Romero said in a statement.
Newmark's Gary Carr, Chris Murphy, John Alvarado, Chase Tagen and Robert Hill represented Accesso during the sale.
Murphy said the sale suggests demand is growing for life sciences and healthcare-focused properties around the DFW area.
"This sale reflects the significant uptick in demand we have seen from tenants and investors alike for single-story research and development space with existing healthcare and life science tenancy, providing a strong base for future re-positioning towards these niche product types," Murphy said in a statement.
