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CIT Provides $36.2MM for Acquisition of Plano Office Building

December 11, 2019, 08:25 AM
Filed Under: Real Estate
Related: CIT Group

CIT Group Inc. announced its Real Estate Finance unit provided $36.2 million in financing for the acquisition of Park Center, a 97% leased, multi-tenant office building in Plano, TX.

Park Center, which was acquired by an affiliate of Innovatus Capital Partners LLC, is a five-story, Class A office building located at 2400 Dallas Parkway that encompasses approximately 236,000 square feet of rentable space.

The building is easily accessible via the Dallas North Tollway and the George H. Bush Turnpike and is sited within walking distance of several retail amenities including The Shops at Willow Bend, Polo Town Crossing, Legacy West and The Shops at Legacy. The building's tenant base is highly diverse featuring a collegiate sports marketing company, a major worldwide insurer, and a major independently owned title company.

"Park Center is a top-quality property in a highly desirable area in the Dallas metro," said Bradley Seiden, managing director of Innovatus. "We greatly appreciate CIT's agility and expertise in arranging the financing used to close on this property as we continue to build our diversified portfolio of commercial real estate."

"We were pleased to have another opportunity to support Innovatus' expanding portfolio by providing financing for the acquisition of Park Center," said Chris Niederpruem, head of CIT's Real Estate Finance unit. "This transaction demonstrates CIT's financing capabilities and the strong partnerships that develop as a result."

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