Provident Realty Advisors announces the sale of Plano Commerce Park, marking Provident’s first full circle execution from preconstruction equity raise through stabilization and asset disposition with CrowdStreet, a real estate investing platform that offers accredited investors the opportunity to invest in stand-alone commercial real estate investment opportunities. The disposition was brokered by Stephen Bailey, Dustin Volz and Zach Riebe of JLL Capital Markets.
“We are very pleased with the outcome, as Plano Commerce Park was the first of several projects we have capitalized with CrowdStreet. The project was built and stabilized ahead of our projected schedule and sold for more than proforma. Because of this, we were able to exit ahead of schedule as well as outperform our estimated IRR,” said Leon Backes, Founder & CEO of Provident Realty Advisors.
In the Plano Commerce Park project, Provident developed two (2) buildings totaling approximately 176,000 square feet, which included a mix of seventy-five percent (75%) airconditioned manufacturing and warehouse space with twenty-five percent (25%) office. This property is located at 2900 E. Plano Parkway & 2920 E. Plano Parkway, within the northeastern quadrant of Interstate-75 and President Bush Turnpike (SH 190). This property is 100% leased and was stabilized and sold ahead of proforma, in just twenty-six months.
The quality of the project and its strategic infill location attracted high quality tenants with long-term leases, enabling Provident to exit the investment a year in advance, outperforming their original projected returns. “Plano has been such a great experience, not only because of the results but as an organization your communications have always been excellent,” said a CrowdStreet Investor.
Provident’s Industrial Portfolio is headed by John Bunten. The portfolio consists of multiple institutional quality assets and current projects under construction, among sites in Texas and Louisiana with an interest in additional sites across the Nation.
About Provident Realty Advisors, Inc.
Provident Realty Advisors, Inc. is a privately held real estate and investment firm that has thrived through three decades and multiple market cycles with foresight, depth of experience, and a unique ability to adapt to shifting demands, market trends and challenging economic cycles. Provident seeks to provide exceptional risk-adjusted returns to its investor partners through superior development of opportunistic and value-added strategies. Since its formation in 1991, Provident has developed or invested in more than $5 billion worth of real estate projects across the country.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion, operations in over 80 countries and a global workforce of more than 92,000 as of June 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
