Overview
Younger Partners, as exclusive advisor for the Receiver, is pleased to present the opportunity to acquire Preston Plaza (the “Property”), a prominently positioned office building located in North Dallas at the high-profile intersection of Preston and Frankford Roads. The Property consists of a 10-story, trophy office tower spanning 259,000 SF with a 5-level structured parking garage on a 6.29-acre site. The Property is currently 35% occupied, and offers untapped upside through reinvigoration. The offering is being made unpriced and on and “as-is” basis. Originally constructed in 1986, Preston Plaza has been meticulously maintained and renovated a number of times, most recently 2020. The latest modernizations have laid the groundwork to reclaim a spot amongst the premier office assets in North Dallas.
The opportunity at Preston Plaza is to continue pursuing small, suburban office tenants that are the bread and butter of North Dallas, while backfilling larger vacancies that were created in the last year. When you consider the fundamentals of an attractive acquisition basis, dynamic location and in-place amenities, then layer in fresh capital to aggressively pursue tenants, the result is a range of repositioning and possible development strategies in the nation’s strongest market for job and population growth. Preston Plaza is uniquely positioned to appeal to the surrounding residents and provide a vibrant live-work-play location on Preston Road that avoids the daily grind of the Dallas North Tollway. Preston Plaza offers an unparalleled mixed-use amenity base and prestige of a true Class A office environment amongst the mostly Class B competitive set on Preston Road.
Available at a staggering discount to replacement cost (est $450/sf), Preston Plaza is located on a highly coveted and efficient 6.29-acre redevelopment site. The existing occupancy (35%) offers contractual revenues to operate the building and bridge the gap while pursuing zoning and entitlements for a reimagined use of a true in-fill location.
The opportunity at Preston Plaza is to continue pursuing small, suburban office tenants that are the bread and butter of North Dallas, while backfilling larger vacancies that were created in the last year. When you consider the fundamentals of an attractive acquisition basis, dynamic location and in-place amenities, then layer in fresh capital to aggressively pursue tenants, the result is a range of repositioning and possible development strategies in the nation’s strongest market for job and population growth. Preston Plaza is uniquely positioned to appeal to the surrounding residents and provide a vibrant live-work-play location on Preston Road that avoids the daily grind of the Dallas North Tollway. Preston Plaza offers an unparalleled mixed-use amenity base and prestige of a true Class A office environment amongst the mostly Class B competitive set on Preston Road.
Available at a staggering discount to replacement cost (est $450/sf), Preston Plaza is located on a highly coveted and efficient 6.29-acre redevelopment site. The existing occupancy (35%) offers contractual revenues to operate the building and bridge the gap while pursuing zoning and entitlements for a reimagined use of a true in-fill location.
