67,000-SF Onyx Business Center II Sells

PLANO, TX-A neighbor to a 67,000-sf, office-tech project, which just got its first lease, has been sold for $3 million to $4 million in a deal that takes Dallas-based Onyx Property Co. down to one holding.

The buyer is a Dallas investor and that’s all that is being said about his identity. The Plano asset is the four-acre Onyx Business Center II at 1200 Placid Ave., a development of Dallas’ Roger Gault and Eric Langford. The buyer’s plan, Gault tells GlobeSt.com, is to hold the property for a long-term investment rather than fill it up and re-sell. “He buys buildings just for the long-term hold,” Gault says.

Onyx Property’s 1700 Firman, a 45,000-sf, office-tech project in nearby Richardson, is not up for sale. But then, neither was the one in Plano. “The offer came in and it was good,” Gault explains.

Jeff White, partner in Mark Five Commercial of Dallas, brokered the transaction. The firm held the leasing contract with Onyx and will do the same for the new owner, according to Gault.

As the transaction moved to its close, Onyx got its first lease for the building, which delivered in the first quarter. Come Jan. 1, Lone Star Couriers will move into 11,000 sf, signing a long-term lease.