July 28, 2021 11:00 AM
Newmark announces the sale of McKinney Corporate Center I, a 120,234-square-foot office asset located in McKinney, Texas—one of the nation’s fastest-growing cities. Newmark Vice Chairman Gary Carr, Robert Hill, Chris Murphy, and John Alvarado, and Director Chase Tagen represented the seller.
Located at 6800 Weiskopf Avenue, McKinney Corporate Center was completed in 2014 and comprises a three-story Class A office building with modern, efficient office space and surface parking at a ratio of 5.5/1,000 square feet. The property, which is one block from the TPC Craig Ranch golf course–home to the PGA’s Byron Nelson Championship–offers convenient access to Craig Ranch’s other first-class amenities including Craig Ranch Fitness + Spa, Children’s Health StarCenter and the Michael Johnson Performance Center.
“This sale reflects the strong demand we are seeing for newly constructed assets in high-growth submarkets across the state of Texas. McKinney Corporate Center is attractive due to its dynamic, high-growth location, near-term stability and long-term upside–in both the asset and the submarket,” said Hill. “We have seen tremendous activity on recent offerings and expect that demand for assets in the Texas markets will increase further as we enter the second half of the year.”
McKinney Corporate Center I is 100 percent leased to a diverse base of tenants with minimal near-term rollover, generating a stabilized cash flow. McKinney Corporate Center I is exceptionally located in the master-planned Craig Ranch, which offers a vibrant mix of single-family and multifamily residences, retail and restaurants, hospitality, and wellness and recreation space. The property has direct access to the Sam Rayburn Tollway (SH 121) and is within 10 minutes of US-75 and the Dallas North Tollway.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Our comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, growing startups to leading companies. In 2020, Newmark generated revenues in excess of $1.9 billion. Newmark, together with London-based partner Knight Frank and independently owned licensees, operates globally from approximately 490 offices with 19,300 professionals. To learn more, visit nmrk.com or follow @newmark.
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