A property investor from California recently purchased a mixed-use property, Morada Plano, located in Plano’s historic downtown district.
The Jacobson Company acquired the Morada Plano retail and apartment project from developer Southern Land Company. The sale was brokered by Institutional Property Advisors’ Drew Kile, Joey Tumminello, Michael Ware, Taylor Hill, Jeffrey Kindorf, and Will Balthrope.
The Jacobson Company, which is based in Los Angeles, will be making its first Texas purchase. The Dallas Morning News reports that they currently own property in Colorado, Washington, and California.
Morada Plano is a five-story, 12,700-square-foot building located on 14th Street that includes 183 apartments and retail space.
“Morada Plano was a rewarding project for many reasons,” said Tim Downy, the founder, and CEO at Southern Land Company. “Our partnership with the city was key in the development of Morada, and we have been proud to see Morada fit so well into the fabric of downtown Plano.”
Southern Land Company was responsible for constructing two apartment and retail projects in downtown Plano. They built the project in partnership with the city of Plano. Peter Braster, the director of special projects, said that the city’s previous collaboration with Southern Land Company for public parking has brought more people to “live and experience the downtown area.”
Southern Land Company was founded in 1986 in Chattanooga, Tennessee. In 2003-2004, the company expanded into new geographic markets, including the Dallas metro area, with commercial and mixed-use projects. In 2005, the company developed its first mixed-use apartment site in Keller, Texas.
In 2017, Southern Land Company began construction on Morada Plano, in Old Downtown, Plano, Texas. The entire project includes four and five-story buildings with 189 upscale apartments and 15,000 square feet of retail space.
The developer announced that it closed on its first land acquisition in Dripping Springs, Texas, promising a new luxury master-planned community and “high-end” homes in the Texas Hill Country.
