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PLANO, TX-Setting up a repositioning play, Property Advisers Realty Inc. has bought the 8,000-sf Office Center Executive Suites in the Park Centre Office Park from a local operator, who’s closed out the business venture with the sale.

Jerry Reis, president of Property Advisers, retained the executive suites’ management team, Sue Harrison and Connie Gallaway, for a center with 35 tenants and 20 openings at 840 Central Parkway East in Plano. Helen Vandaveer, vice president of Property Advisers, has taken over as operations manager.

Reis tells GlobeSt.com that he bought the asset, but not the liabilities, of the private company. And the plan is “to prop it up, turn it around and sell it to people who like to do this kind of stuff,” he says. “I saw this was viable and we could make something of it.” He says he’s expecting the asset to return to market in a year.

The first move is to put together ads and marketing brochures along with plans to build a conference room and make cosmetic upgrades, Reis says. The center’s been part of Park Centre since 1997, offering suites as small as 100 sf and full-service rents upward of $350.

Reis’ team has landed the state Department of Public Safety and Texas attorney general’s office for the three-building, 70,000-sf Park Centre complex, owned by the Wenatchee Hotel Ltd. LP from Wenatchee, WA. Reis says the state agencies, both ramping up for moves, inked 10-year leases for the 75%-leased asset, which is a mix of office and flex space at 830-50 Central Parkway East.

With both agencies committing to 830 Central Parkway East, the attorney general’s office is setting up in 7,700 sf and DPS is moving into 3,700 sf. The AG’s office is relocating from Allen while the DPS office will be a new training facility. Perry Jones with Property Advisers negotiated the leases with the state’s broker, Aaron Emerson with Austin-based Scribcor.

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