In the heart of Dallas city limits and within its nearby towns, businesses are purchasing buildings for astronomical, headline-grabbing amounts. Major 2016 transactions for some of the most visible skyline office towers include a German investment fund’s acquisition of the 21-story 2000 McKinney tower in Uptown Dallas for over $200 million—about $500 per square foot. Twenty miles to the north in West Plano, an unnamed foreign investor is reportedly spending nearly $400 per square foot for the 13-story Legacy Tower, a record high for the city. Due to construction costs and the escalating valuation of land, capital is flowing into the area from domestic and international sources willing to pay premium rates for office locations. Like corporations, buyers on the hunt for lower-priced homes are facing difficulty with many opting to rent instead. Marcus Hiles’ Dallas based company has confirmed increased interest in his luxury rentals as conditions have limited the amount of entry-level houses below $250,000 for first-time homeowners.
Marcus Hiles Notes Record-Price Building Sale In West Plano
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