PowerSecure Lighting to Serve as Anchor Tenant for the 160,000 SF Building
Cabot Properties, Inc., a private equity real estate investment firm located in Boston, Mass., and Stream Realty Partners (Stream), a national real estate development, services and investment firm,have announced a new, 160,000-square-foot development in Frisco Park 25, a 216-acre, master-planned business park located in Frisco, Texas.
“We are excited to officially break ground on Frisco Park 25 Corporate Center as we continue to grow our presence in the Dallas – Fort Worth market,” said Damian Bailey, Cabot Properties’ senior vice president of investments. “The Frisco Economic Development Corporation and the City of Frisco have been exceptional to work with in getting this project started.”
PowerSecure Lighting, a division of PowerSecure, Inc., has selected the Class-A development as the site for its new corporate headquarters. As a leading provider of LED lighting products, they will serve as the anchor tenant totaling 75,000 square feet within the facility.
“We are pleased to have an innovative technology and manufacturing company like PowerSecure Lighting as our lead tenant in the development,” said Bob Hagewood, senior vice president of Stream Realty Partners. “Frisco Park 25 is a great fit for PSL’s plan to combine its lighting division headquarters with distribution space for growing its business.”
PowerSecure Lighting is a market-driven manufacturing company who is relentlessly pushing the innovation envelope to create products that replace traditional lighting technologies with zero compromise to aesthetics and performance. Their products enhance the retail, supermarket, museum, hospitality, commercial and utility environments of the world’s leading brands.
“This will be one of the first properties to be developed within Frisco Park 25,” said Cannon Green, co-managing director and partner of Stream’s industrial team. “We’re excited to deliver a high-quality building for PowerSecure Lighting with excellent access and best-in-market features. In addition, our team is actively pursuing corporate users to lease the balance of the building. We are bullish on the Frisco market and feel there is a lot of pent up demand for this product type that we will be able to accommodate.”
Cabot has purchased approximately 10 acres within Park 25 from the Frisco Economic Development Corporation (FEDC). Construction on the development has commenced with completion slated for mid-2018. Stream’s Cannon Green and Bob Hagewood will oversee development, leasing and management of the project.
Frisco Park 25 is a new business park launching in 2018. The Frisco Park 25 site plan is designed as a modern, high-end commercial development that includes 14 lots on 216 acres zoned for industrial and commercial use. The FEDC anticipates approximately 2.2 million square feet of space to be developed at build out of Frisco Park 25 with an estimated value of more than $300 million. The property is located on Preston Road at Rockhill Parkway, just south of U.S. Highway 380. Find additional information at FriscoPark25.com.