Friday, February 13, 2015

Dallas' Gaedeke Group buys Legacy West tract near Toyota's new headquarters

  • Legacy West 2
    The $2 billion Legacy West project will also include a luxury walkable community that will rival the nearby Shops of Legacy to the east.

A Dallas-based real estate investor has bought an 11-acre tract near Toyota's new North American headquarters to build an office building within the $2 billion Legacy West project.

The tract at the corner of Legacy Drive and State Highway 121 is adjacent to Toyota's new campus, as well as the rumored site of Boston-based Liberty Mutual Insurance's new service center.

Terms of the off-market deal were undisclosed. Glenn Lickstein of Gaedeke Group represented the buyer. Jim Judge of Wicker & Associates represented the seller, SWC Tollway & 121 LLC.

CEO Sabine Gaedeke Stener said she's excited her investment group will play a part of the larger Legacy West development and be located in close proximity to prestigious companies.

Stener is finalizing plans to deliver a Class AA multitenant office building at the end of 2016. Toyota plans to open its new North American campus in 2018.

The new building is expected to give companies another leasing option in the Legacy Business Park market, while being located near some major corporate hubs.

Candace Carlisle, Dallas Business Journal