With Penney campus buy complete, Capital Commercial is targeting another Plano acquisition
After making one of the largest commercial real estate purchases in North Texas this year, Capital Commercial Investments isn’t done with deals.
The Austin-based real estate company last week bought JC Penney’s 1.8 million square foot former headquarters in Plano with plans to resume a stalled $ 1 billion recovery plan. The business campus is located on over 50 acres near the Dallas North Tollway.
Now Capital Commercial is about to make another major Plano purchase.
“We are also purchasing the 5000 Headquarters Drive building from MacAfee,” said Doug Agarwal, CEO of Capital Commercial. “It’s another great property.”
Built in 2002, the nearly 170,000 square foot business campus is located on Preston Road.
The two acquisitions will make Capital Commercial the largest owner of office space in the Legacy Business Park.
“With this acquisition, Capital Commercial Investments now controls 40% of the large office space in the entire North D-FW market,” said Agarwal of the purchase of Penney headquarters.
Capital Commercial has just bought the former Penney campus in Plano, which is adjacent to Toyota Motor’s North American headquarters.(Vernon Bryant / Staff Photographer)
Capital Commercial is no stranger to the North Texas market, and the company – in business since 1992 – has found a niche to buy and repurpose large commercial locations.
In 2013, the Austin investor bought the former Motorola campus in North Fort Worth and converted the property for tenant Lockheed Martin.
Three years later, in 2016, Capital Commercial bought the former Countrywide Mortgage Campus in North Fort Worth and also leased it to Lockheed Martin.
And early last year, Capital Commercial acquired the 40-acre former American Airlines campus south of DFW International Airport. The 1.4 million square meter office complex is the largest available office complex near the major airport.
“It looks like we’re getting a significant space pledge from an armaments company,” said Agarwal.
Capital Commercial also has properties in Austin, Arizona, New Jersey, Delaware, Alabama, and Tennessee. Around 47% of the holdings – the largest share – are located in the D-FW area.
It just sold the distinctive gold glass towers of the Campbell Center on US Highway 75 in North Dallas.
The real estate company works with equity investors, including the hedge fund companies Baupost and Davidson Kempner Capital Management.
“We have experienced employees of a total of 30 people with more than 400 years of combined industry experience,” said Executive Vice President Robb Buchanan in an email.
Capital Commercial’s portfolio is a total of $ 1.5 billion with 74 buildings totaling 9.2 million square feet.
Capital Commercial acquired the 40-acre former American Airlines campus near DFW International Airport last year, which includes nearly 1.4 million square feet of office space.(Transwestern)