- Regent's purchase is a sign the firm views Plano as an expanding market.
- Housing costs in Los Angeles are influencing some companies to move to Texas.
- The median home price in Torrance, California is nearly three times more than in Plano, Texas.
Affordable housing, the cost of living related to income and proximity to Dallas are all reasons more developers and companies, including Los Angeles-based firms, have become attracted to the submarket of Plano.
Recently Toyota announced the move of its North American headquarters from Torrance, Calif. to Plano, and the major company isn’t the first to make a move to the Lone Star State from California.
One investment firm counting on other company’s to expand or relocate to Plano is Los Angeles-based Regent Properties. The investment and development firm recently acquired an office/mixed-use campus in the city from Texas Instruments. The campus currently houses four office buildings and a fitness center on 84 acres.
According to Eric Fleiss, president of Regent, the firm is “actively looking for additional opportunities in Texas.”
Regent will invest $100 million toward a full campus retrofit, with initial construction to commence during the second quarter.
Located near the Central Expressway, the campus also features significant undeveloped land, which may have been the most enticing element of the campus to Regent. The land is entitled for up to 3.7 million square feet of restaurants, hotel, retail or midrise office.
According to Zillow, Plano’s median home price stands at $261,295 compared to $721,400 for Torrance and $513,300 for Los Angeles County.