Monday, March 23, 2015

Investment group buys office building near Frisco's Toyota Stadium

Stewart Creek
The Class A office building, called Stewart Creek Office Center II, sits at 5750 Genesis Court in Frisco is located alongside the Dallas North Tollway, north of the Sam Rayburn Tollway.

An Austin-based family-based investment group — called PirWig Properties LLC — has purchased an office building near Frisco's Toyota Stadium for an undisclosed sum.

The Class A office building, called Stewart Creek Office Center II, sits at 5750 Genesis Court in Frisco is located alongside the Dallas North Tollway, north of the Sam Rayburn Tollway.

The 40,612-square-foot building was developed in 2006 by the seller based on the growing amenity base in Frisco, which include numerous restaurants, retail and recreational activities. The property is 100 percent leased to 10 tenants.

"Due to the timing of the sale, we were able to secure a higher than expected sales price for this particular submarket," said Creighton Stark, an executive vice president at Colliers International.
Stark and Jack Minter of Colliers International represented the seller, Stewart Creek International Investors.

The building is located in close proximity to a mile Frisco leaders have nicknamed the $5 billion mile, which the Dallas Business Journal recently wrote about and what this could mean for North Texas' business community.

Candace Carlisle, Dallas Business Journal