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COLLIERS INTERNATIONAL P. 1
HIL
LCRE
ST O
AKS
PR
ESTO
N T
RA
IL A
TR
IUM
E XC LUS I V E A DV I S O RS :
CREIGHTON STARKCHRIS L. BOYD
TYLER LEHMANNJOHANNA RAMIREZ
COLLIERS INTERNATIONAL1717 McKinney Avenue, Suite 900
Dallas, Texas 75202
COLLIERS INTERNATIwww.colliers.com
PORTFOLIO
NORTH DALLASINFILL OFFICE
Recently Renovated Class B+ Office Portfolio88% Leased Offering Stability with Upside
In-Place Cash Flow
20% Below Market Rents
Modern Common Area Upgrades
New Cafe, Fitness Center
Established Dallas Locations
Abundant Nearby Retail Amenities
COLLIERS INTERNATIONAL P. 2
Colliers International is pleased to exclusively offer to qualified investors a 100% fee-simple interest in the North Dallas Infill Office Portfolio (the Properties, the Portfolio) located in the Lyndon B Johnson and Quorum/Bent Tree submarkets of Dallas, Texas. The Portfolio is comprised of Hillcrest Oaks, an 183,980 square-foot multi-tenant office building, and Preston Trail Atrium, a 124,586 square-foot multi-tenant office building. Together, the Properties encompass 308,566 net rentable square feet with an overall occupancy rate of 88.3%. The diverse 40+ tenants, ranging in size and industry, allow for predictable and stabilized cash flow in both Properties while enjoying steady lease expirations.
The North Dallas Infill Office Portfolio provides an attractive investment opportunity to enjoy stabilized, in-place cash flow, with the ability to increase rents currently 20% below market as existing leases roll. In addition, these assets provide an attractive alternative for tenants seeking to reduce their real estate occupancy costs from the surrounding class A office product, while maintaining highly desirable and accessible locations. As office rental rates continue increasing in neighboring submarkets of comparable desirability, such as Uptown, Legacy, as well as all of North Dallas, both Hillcrest Oaks and Preston Trail Atrium benefit tremendously from increased activity and development in their immediate vicinities. Both properties offer unmatched convenience to an abundance of amenities and coveted residential neighborhoods.
With a favorable balance of in-place cash flow, significant upside, and increasing upward pressure in the immediate area, the North Dallas Infill Office Portfolio is a highly-sought opportunity to acquire two high-quality office assets at a significant discount-to-replacement cost.
Offers encompassing individual or both Properties will be considered.
EXECUTIVE SUMMARY
EXECUT IVE SUMMARY
PROJECT NAME North Dallas Infill Office Portfolio
SUBMARKET North Dallas
LAND AREA 14.43 Acres
PORTFOLIO SIZE 308,566 SF
TOTAL AVAILABLE SF 36,044 SF
OCCUPANCY (EST. 4/17) 88.3%
YEAR BUILT/RENOVATED 1983/2014-2016
PORTFOLIO PROFILE
COLLIERS INTERNATIONAL P. 3NORTH DALLAS INFILL OFFICE PORTFOLIO
LOCAT ION MAP
Preston Trail AtriumDallas, Texas
AREA AMENITIES1 Love Field Airport
2 Preston Forest Village: Whole Foods, Tom Thumb
3 Brookhaven Country Club4 Addison Town Center: Target, Kroger5 The Galleria Retail & Office
6 Midtown Mixed Use Development (Proposed)
7 Northwood Country Club8 Texas Instruments Campus9 Prestonwood Country Club10 Bent-Tree Country Club11 Preston Trail Golf Club
12 Pavilion North Shopping Center: Target, Tom Thumb
13 Canyon Creek Country Club
Infill Triangle
Hillcrest OaksDallas, TexasTRAFFIC COUNTS
T1 LBJ @ Hillcrest: 301,057 VPD T2 LBJ @ Preston: 223,107 VPD T3 DNT @ LBJ: 133,149 VPDT4 N Central Expy @ LBJ: 373,126 VPD T5 Preston @ Frankford: 52,900 VPDT6 Preston @ McCallum: 52,555 VPD
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COLLIERS INTERNATIONAL P. 4
ASSET PROFILE: HILLCREST OAKSPROJECT NAME Hillcrest Oaks
ADDRESS 6600 & 6606 LBJ Freeway, Dallas, TX 75240
SUBMARKET East LBJ Freeway
LAND AREA 7.23 Acres
BUILDING SIZE 183,980 SF
TYPICAL FLOOR SIZE 43,000/47,380 SF
TOTAL AVAILABLE SF 18,455 SF
OCCUPANCY (EST. 4/17) 90.0%
YEAR BUILT/RENOVATED 1983/2016
CLASS B+
STORIES 2
PARKING RATIO 3.5/1,000 (subterranean/surface)
Positioned near LBJ Freeway (I-635) and Hillcrest Road, Hillcrest Oaks offers qualified investors a 90.0% occupied, stabilized asset with in-place cash flow, steady near term expirations, and in-place rents 20% below market. Comprising 183,980 square feet in two stories, Hillcrest Oaks has been recently renovated with modern upgrades, including a new café and fitness center, along with the existing parking garage. Hillcrest Oaks benefits from an overall 3.5:1,000 parking ratio, consisting of a two-level subterranean parking garage, and an adjoining surface parking area. Hillcrest Oaks offers a low cost alternative to the nearby Dallas North Tollway, Preston Center, and Central Expressway office locations.
Hillcrest Oaks benefits from its Infill Triangle location as the area has experienced historic levels of rent and occupancy increases along with the completion of LBJ TEXpress freeway project. The subject property benefits from a strong nearby talented labor pool, positive residential demographics of Preston Hollow, and its close proximity to The Galleria and North Park Mall.
PREMIER LBJ/HILLCREST LOCATION
Bounded by Dallas North Tollway to the west, LBJ Freeway to the north and Central Expressway to the east, the Infill Triangle is one of the most prominent and sought-after markets in the southern United States. Hillcrest Oaks is positioned inside the Infill Triangle, and as a result, benefits directly from its historically top-performing stature within the Dallas metro area as well as numerous retail amenities. The office building has, and will continue capturing immediate overflow from the neighboring areas, while hosting an array of adjacent, amenity-rich developments.
INVESTMENT H IGHL IGHTS H ILLCREST OAKS
COLLIERS INTERNATIONAL P. 5NORTH DALLAS INFILL OFFICE PORTFOLIO
INVESTMENT H IGHL IGHTS H ILLCREST OAKS
NORTH
LBJ TEXPRESS
HILL
CRES
T ROA
D
DALLAS CBD
NORTH PARK CENTER
HILLCREST OAKS
UPTOWN
PRESTON HOLLOW EXECUTIVE HOUSING
MEDIAN HOME PRICES: $767,055
CENTRAL EXPRESSWAY
CLASS A 3 YR ADJ CLASS B 3 YR ADJ
GROSS ASKING RENTS $26.74 21.9% $22.31 30.8%
PRESTON CENTER
CLASS A 3 YR ADJ CLASS B 3 YR ADJ
GROSS ASKING RENTS $39.41 12.9% $30.95 29.0%
LBJ FREEWAY
CLASS A 3 YR ADJ CLASS B 3 YR ADJ
GROSS ASKING RENTS $24.92 14.7% $18.90 17.0%
PARK CENTRAL AMENITIES
PRESTON/FOREST AMENITIES
BURGER
COLLIERS INTERNATIONAL P. 6NORTH DALLAS INFILL OFFICE PORTFOLIO
INVESTMENT H IGHL IGHTS H ILLCREST OAKS
NORTH
LBJ TEXPRESS
HILLCREST OAKS
DALLAS NORTH TOLLWAY
MIDTOWN $4B MIXED-USE DEVELOPMENT
PRESTON RD
NORTHWOOD COUNTRY CLUB
PRESTON HOLLOW EXECUTIVE HOUSING
MEDIAN HOME PRICES: $767,055
LBJ FREEWAY
CLASS A 3 YR ADJ CLASS B 3 YR ADJ
GROSS ASKING RENTS $24.92 14.7% $18.90 17.0%
TOLLWAY
CLASS A 3 YR ADJ CLASS B 3 YR ADJ
GROSS ASKING RENTS $30.46 23.7% $23.13 18.0%
PRESTON LBJ SHOPPING CENTER
Over 200 retailers
THE GALLERIA
COLLIERS INTERNATIONAL P. 7NORTH DALLAS INFILL OFFICE PORTFOLIO
INVESTMENT H IGHL IGHTS PRESTON TRA IL ATR IUM
ASSET PROFILE: PRESTON TRAIL ATRIUMPROJECT NAME Preston Trail Atrium
ADDRESS 17330 Preston Road, Dallas, TX 75252
SUBMARKET Quorum/Bent Tree
LAND AREA 7.2 Acres
BUILDING SIZE 124,586 SF
TYPICAL FLOOR SIZE 59,882 SF
TOTAL AVAILABLE SF 17,589 SF
OCCUPANCY (EST. 4/17) 85.9%
YEAR BUILT/RENOVATED 1983/2008/2014
CLASS B+
STORIES 2
PARKING RATIO 4.2/1,000 (surface/covered)
Positioned on Preston Road in the heart of North Dallas, near Dallas North Tollway and President George Bush Turnpike, Preston Trail Atrium offers qualified investors stable in-place cash flow with steady near-term expirations and in-place rents 20% below market. Comprising 124,586 square feet, two stories and a 4.20/1,000 parking ratio, Preston Trail Atrium is located in the established and highly desirable Quorum/Bent Tree submarket. The Property has experienced recent renovations with modern upgrades and new building amenities including a modern café, conference center and lobby with collaborative seating and Wi-Fi service, while providing a cost effective alternative to nearby Class “A” Dominion Plaza. The vacancies are highly configurable, and an abundance of high level amenities are offered within walking distance of the building.
INVESTMENT H IGHL IGHTS H ILLCREST OAKS
COLLIERS INTERNATIONAL P. 8
INVESTMENT H IGHL IGHTS PRESTON TRA IL ATR IUM
NORTH
PRESTON RD
PRESTON TRAIL ATRIUM
McCALLUM BLVD
PRESIDENT GEORGE BUSH TURNPIKE (190)DALLAS NORTH TOLLWAY
PRESTON TRAIL GOLF COURSE
NORTH DALLASEXECUTIVE HOUSING
MEDIAN HOME PRICES: $348,284TOLLWAY
CLASS A 3 YR ADJ CLASS B 3 YR ADJ
GROSS ASKING RENTS $30.46 23.7% $23.13 18.0%
PRESTON ROADCLASS A 3 YR ADJ CLASS B 3 YR ADJ
GROSS ASKING RENTS $26.51 27.3% $19.87 16.5%
Over 125 retailers
DOMINION PLAZA85% OCC | $24.00 +E
PRESTON VILLAS APARTMENTS
WINDSOR PLACE TOWNHOMES
COLLIERS INTERNATIONAL P. 9NORTH DALLAS INFILL OFFICE PORTFOLIO
INVESTMENT H IGHL IGHTS PRESTON TRA IL ATR IUM
NORTH
PRESTON RD
PRESTON RD
PRESTON TRAIL GOLF COURSE
TOLLWAY
CLASS A 3 YR ADJ CLASS B 3 YR ADJ
GROSS ASKING RENTS $30.46 23.7% $23.13 18.0%
PRESTON TRAIL ATRIUM
DALLAS NORTH TOLLWAY
DOMINION PLAZA85% OCC | $24.00 +E
WINDSOR PLACE TOWNHOMES
COLLIERS INTERNATIONAL P. 10NORTH DALLAS INFILL OFFICE PORTFOLIO
INVESTMENT H IGHL IGHTS PRESTON TRA IL ATR IUM
HERITAGE CREEKSIDE$900M MIXED-USE
DEVELOPMENT
STATE FARM HDQ | CITYLINE$1.5B MIXED-USE DEVELOPMENT
PALISADES$700M MIXED-USE
DEVELOPMENTNORTH
PRESTON RDMcCALLUM BLVD
FRANKFORD RDPRESIDENT GEORGE BUSH TURNPIKE (190) CAMPBELL RD
PRESTON TRAIL ATRIUM
EXECUTIVE HOUSINGMEDIAN HOME PRICES: $325,000
3 YR ADJ 18%
US 75 CORRIDOR - RICHARDSON
CLASS A 3 YR ADJ CLASS B 3 YR ADJ
GROSS ASKING RENTS $26.61 20.9% $20.27 17.3%
DOMINION PLAZA85% OCC | $24.00 +E
COLLIERS INTERNATIONAL P. 11NORTH DALLAS INFILL OFFICE PORTFOLIO
INVESTMENT H IGHL IGHTS PRESTON TRA IL ATR IUM
COLLIERS INTERNATIONAL P. 12
Colliers International 1717 McKinney Avenue, Suite 900Dallas, TX 75202www.colliers.com
OFFERING FORMATNO ASKING PRICE HAS BEEN ESTABLISHED FOR THE OFFERING
OFFERS ENCOMPASSING INDIVIDUAL OR BOTH PROPERTIES WILL BE CONSIDERED
INVESTMENT CONTACTSCREIGHTON [email protected]
CHRIS [email protected]
TYLER [email protected]
JOHANNA [email protected]