Byron McCoy Talks Office Market

YP’s own Byron McCoy (second from right) served on the “Too Much, Too Little, or Too Late” real estate panel at the 9th Annual North Texas Realty Symposium on Friday. The event was organized by the Appraisal Institute, North Texas Chapter. Byron says the office market has seen seven consecutive years of rental rate increases in the Dallas area while vacancy hovers around 15%. The key to the hot office market: JOBS. Byron says the DFW market is adding about 90,000 jobs annually and he doesn’t see that decreasing any time soon. The office market is doing a great job of absorbing space, but there is some work to be done in backfilling space left vacant by companies moving into bigger, newer corporate campuses.

Prattco Creekway Industrial Selects YP to Lease Newly Acquired Building

Dallas-based Prattco Creekway Industrial acquired the 83,140-square-foot office/flex/warehouse building at 1501 N. Plano Rd, at the corner of Plano Road and Collins Boulevard in Richardson.

“PCI was attracted to the area because of the incredible revitalization and diversification of the Richardson sub-market,” says PCI Partner Lance Bozman. “The prominent location — at Plano Road and Collins — fits our business model perfectly. The can-do spirit and support of the City of Richardson leadership is certainly a major plus for us, as well.”

 

Another attraction to the building is the stability and creditworthiness of the existing tenants, Mr. Bozman says.

“The building’s location a couple of miles south of the CityLine/State Farm mixed-use development, along with the opportunity to purchase a building with good visibility and strong tenancy was unique in this market,” says another PCI partner, Chad Lunsford.

PCI plans to update the building to offer an attractive, well-priced space for tenants with tremendous local amenities, Mr. Lunsford adds.

Younger Partners’ Byron McCoy and Garrett Marler have been selected to lease and market the property.

“With the planned renovations and 34,000 square feet in vacancies, we anticipate strong interest by tenants looking for creative, open collaborative space. We will be providing the type of space that tenants are requiring today,” says Mr. McCoy.  “1501 N. Plano is in a great location that just keeps getting better from an amenity- and employee-based perspective.”

PCI purchased the building from Silver Tree Partners.

About Prattco Creekway Industrial

Prattco Creekway International was founded in 2016 by former energy executive J. Robert “Bob” Bozman and real estate investment industry veterans Lance Bozman and Chad Lunsford with a goal of acquiring and managing light industrial buildings in Texas and surrounding Sunbelt states.

About Younger Partners

Younger Partners is a full-service boutique commercial real estate firm providing investment, leasing, and management services to investors and tenants in the Dallas/Fort Worth region. We also specialize in the acquisition and disposition of land, multifamily, office, industrial, and retail properties.