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Frisco Square sells to Missouri investor

Frisco's centerpiece Frisco Square development has been sold to a Missouri investor. The purchase included ... Maxus Realty Trust is a real estate investment trust that owns properties in nine states. The company already has an apartment community in ...

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Like Dallas News' Facebook Page Get Unlimited Digital Access Your first month is less than a dollar. $0.99 for first 4 weeks Subscribe Now Frisco's centerpiece Frisco Square development has been sold to a Missouri investor.The purchase included three offices buildings, two apartment and retail buildings and the Cinemark Theater located on the south side of Main Street near the Dallas North Tollway.An affiliate of Kansas City-based Maxus Realty Trust Incpaid more than $53 million for the buildings, which are located adjacent to Frisco City Hall North Texas net office leasing grew by 38 percent in 2017 "We are pleased to expand our footprint in the Dallas metropolitan area, particularly in a high-growth area like Frisco," Maxus Realty chairman and CEO David Johnson said in a prepared statement"We believe we acquired Frisco at an attractive price and that the surrounding investment and development and walkable amenities add long-term appeal to residents and tenants."The acquisition includes more than 213,000 square feet of office and retail space plus 144 apartments. Vacant land for additional development was also acquired."Frisco Square presented investors a truly unique investment opportunity," CBRE senior vice president Evan Stone said in a statement"It offers a true live-work-play in an urban environment within a rapidly expanding suburban market featuring superior demographics, robust job and population growth, and unprecedented capital investment."Stone and CBRE's Gary Carr, John Alvarado, Eric Mackey, Robert Hill, Jared Chua, Ryan Reid, Jeremy Faltys and Nita Stewart brokered the sale.Started in 2000, Frisco Square was an almost 150-acre development.The Frisco Square office space that just sold is more than 90 percent leased, and the retail is 66 percent occupied with tenants including Cinemark, Barre 3, Mattito's Tex Mex, and Jake's Uptown Burgers.The apartments are 95 percent leased."Frisco Square offered Maxus Realty Trust Incthe opportunity to continue the collaborative plans with the city of Frisco, one of the most dynamic multifamily and office markets in the country," Faltys said.Terms of the sale were not disclosed.Maxus Realty Trust is a real estate investment trust that owns properties in nine statesThe company already has an apartment community in Richardson View Comments Tags Real Estate Business Frisco Share Facebook Twitter Email Print This Story Taking you back to Business (function(d, s, id) { var js, fjs = d.getElementsByTagName(s)[0]; if (d.getElementById(id)) return; js = d.createElement(s); = id; js.src = "//"; fjs.parentNode.insertBefore(js, fjs); }(document, 'script', 'facebook-jssdk')); More about Dallas News About Us Careers Advertise Contact Us Special Sections FAQ

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