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(GROWING TO 90.1% WITH RTI EXPANSION
84.6%
SQUARE FEET
±198,788
OPPORTUNITY
CORE-PLUS
LOBBIES & COMMON AREAS
UPDATED
FUNDAMENTALS
PRESTON PARALLEL
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PRESTON
PARK
1800 & 1820 PRESTON PARK BOULEVARD
PLANO, TEXAS 75093
This has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from. This publication is the copyrighted property of Colliers International and/or its licensor(s). ©2020. All rights reserved.
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EXECUTIVE SUMMARY
Contact Us
This has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from. This publication is the copyrighted property of Colliers International and/or its licensor(s). ©2020. All rights reserved.
Madeleine Aufricht
214 706 6045
madeleine.aufricht@colliers.com
214 706 6048
johanna.ramirez@colliers.com
949 724 5717
brian.corrigan@colliers.com
214 706 6047
cl.boyd@colliers.com
214 706 6029
creighton.stark@colliers.com
Johanna Ramirez
Brian Corrigan
Chris Boyd
Creighton Stark
EXCLUSIVE MARKETING ADVISORS
ACQUISITION FINANCING ADVISOR
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THE OPPORTUNITY
Colliers International is pleased to offer to qualified investors, a core-plus investment opportunity, Preston Park, located at 1800 and 1820 Preston Park Boulevard in Plano, Texas. The 84.6% occupied property comprises two Class A multi-tenant office buildings totaling approximately 198,788 square feet.
Originally completed in 1997, Preston Park features newly renovated lobbies, common areas, tenant lounges, and tenant conference centers. In addition to these attributes, the combined 12-acre site is located with convenient accessibility to Preston Road, Dallas North Tollway, Legacy, George Bush Turnpike, and Central Expressway. This prime location provides walkability to the amenity rich Preston Park Village and Park Boulevard with premier restaurant and retail options, fitness centers, and child care, as well as close proximity to Legacy West, CityLine and both commercial airports (DFW – American Airlines headquarters and Love-Field – Southwest Airlines headquarters).
Plano’s growth continues to be exponential, with visionary companies quickly discovering Plano is the best address for their success. Many Fortune 1000 companies have relocated to Plano for their North American headquarters, including Toyota, Cinemark Theatres, Frito Lay, Keurig Dr. Pepper, and Liberty Mutual. With the $2 Billion mixed-use Legacy West development, Plano has become the all-encompassing corporate hub of Dallas.
Affluent Demographics
Affluent nearby demographics allow for close proximity to executive housing, multiple prestigious country clubs and first-class retail amenities
4.5 Year WALT
4.5 year WALT with strong credit tenancy and diverse tenant roster
Institutionally Owned
Institutionally owned and maintained with minimal near-term CAPEX needs
Strong Cash Flow
Strong in place cash flow with upside through mark-to-market opportunities (as tenants expire approximately 15% below market) and lease up of 20k SF vacancy
Accessibility
Distinguished asset with convenient accessibility to Preston Road, Dallas North Tollway, Legacy, George Bush Turnpike (190 Stem Corridor), and US-75/Central Expressway
Walkability
Walkability to the amenity rich intersection of Preston Road and Park Boulevard featuring numerous retail and dining options
OCCUPANCY
FUNDAMENTALS
190 STEM CORRIDOR
MAINTAINED
INSTITUTIONALLY
& MULTIPLE POINTS OF BUILDING ENTRY
STAIRWAY
ACCESSIBILITY
OVER 45 RESTAURANTS WITHIN 1 MILE
WALKABLE AMENITIES
TENANT LOUNGES & CONFERENCE CENTERS
NEWLY RENOVATED
NEAR-TERM CAPEX NEEDS
MINIMAL
Close proximity to exclusive residential areas and Dallas’ prominent country clubs
214 706 6046
mark.meador@colliers.com
Mark Meador
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agreement
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Mark Meador
214 706 6046
mark.meador@colliers.com
Updated Lobbies & Common Areas Throughout
BUILDING AMENITIES
Preston Parallel location benefits from a continued migration of tenants from the Dallas North Tollway
Preston Parallel
Innovation Quarter
190 Stem Corridor
Strong business location with nearby Legacy and 190 Stem Corridor - home to exorbitant amount of major employers, skilled labor pool and University of Texas Dallas
Affluent nearby demographics allow for close proximity to executive housing, multiple prestigious country clubs and first-class retail amenities
PROPERTY VIDEO
PRESTON PARALLEL
Recently Completed Tenant Lounges and Conference Centers
Walkable Live/Work/Play Amenities
3.84/1,000 Parking Ratio with Covered Parking Options
Colliers International is pleased to exclusively offer to qualified investors the opportunity to purchase Preston Park located at 1800 and 1820 Preston Park Boulevard in Plano, Texas. The property is comprised of two Class A multi-tenant office buildings comprising approximately 198,788 square feet.
Originally completed in 1997, Preston Park features newly renovated lobbies, common areas, tenant lounges, and tenant conference centers. In addition to these attributes, the combined 12-acre site is located with convenient accessibility to Preston Road, Dallas North Tollway, George Bush Turnpike, and Central Expressway. This prime location provides walkability to the amenity rich Preston Park Village and Park Boulevard with premier restaurant and retail options, fitness centers, and child care, as well as close proximity to Legacy West, CityLine and both commercial airports (DFW – American Airlines headquarters and Love-Field – Southwest Airlines headquarters).
Plano’s growth continues to be exponential, with visionary companies quickly discovering Plano is the best address for their success. Many Fortune 1000 companies have relocated to Plano for their North American headquarters, including Toyota, Cinemark Theatres, Frito Lay, Dr. Pepper, and Liberty Mutual. With the $2 Billion mixed-use Legacy West development, Plano has become the all-encompassing corporate hub of Dallas.
ARAPAHO DART RAIL STATION
ACROSS FROM
CENTER FOR
ENTREPRENEURSHIP & COLLABORATION
PREMIER
TECH HUB
OVER 50%
OF RICHARDSON BUSINESS
BRAND NEW
NAME, LOGO & ZONING CODE
2020 REBRAND
OF RICHARDSON IQ
OVER 1,000
BUSINESSES
1,200
ACRE AREA
1,900
PEOPLE EMPLOYED
WALKABILITY
LIVE/WORK/PLAY
NEWLY
RENOVATED TENANT LOUNGE & CONFERENCE CENTER
Asset Profile
Preston Parallel location benefits from a continued migration of tenants from the Dallas North Tollway
Preston Parallel
Strong in place cash flow with upside through mark-to-market opportunities (as tenants expire approximately 15% below market) and lease up of 20k SF vacancy
Strong Cash Flow
Walkability to the amenity rich intersection of Preston Road and Park Boulevard featuring numerous retail and dining options
Distinguished asset with convenient accessibility to Preston Road, Dallas North Tollway, Legacy, George Bush Turnpike (190 Stem Corridor), and US-75/Central Expressway
Institutionally owned and maintained with minimal near-term CAPEX needs
4.7 year WALT with strong credit tenancy and diverse tenant roster
Affluent nearby demographics allow for close proximity to executive housing, multiple prestigious country clubs and first-class retail amenities
THE OPPORTUNITY
PROPERTY VIDEO
3.8/1,000 PARKING RATIO
12-ACRE SITE
WALKABILITY
AMENITIES
OVER 45 RESTAURANTS WITHIN 1 MILE
PROPERTY VIDEO
PRESTON PARALLEL VIDEO
ARAPAHO DART RAIL STATION
ACROSS FROM
CENTER FOR
ENTREPRENEURSHIP & COLLABORATION
PREMIER
TECH HUB
OVER 50%
OF RICHARDSON BUSINESS
CONTAINS
BRAND NEW
NAME, LOGO & ZONING CODE
2020 REBRAND
OF RICHARDSON IQ
OVER 1,000
BUSINESSES
1,200
ACRE AREA
1,900
PEOPLE EMPLOYED
INNOVATION QUARTER COMPANIES WITH OFFICES/LOCATIONS
Stairway Accessibility & Multiple Points of Building Entry
Stairway Accessibility & Multiple Points of Building Entry