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308,792 SF / CLASS B VALUE ADD OFFICE PORTFOLIO
NORTHCREEK PLACE I I & WELLS FARGO TOWERDALLAS / IRV ING - TX
PROPERTY OVERVIEW
PROJECT SIZE: 166,508 SF of NRA SITE AREA: (+/-) 5.88 AcresOCCUPANCY: 80%* BUILT/UPDATED: 1983/2014STORIES: Six / Two PARKING RATIO: 3.5 per 1,000 SF
PROPERTY HIGHLIGHTS
Comprised of two buildings and more than 166,000 square feet of space, NorthcreekPlace II is well suited to the LBJ office submarket. Featuring a large floor plate that canbe readily adapted to different size requirements, the two building complex offers a di-verse rent roll that provides potential investors with the added upside of a marketrepositioning strategy. The building’s vacancy consists of small suites that generallyrange from a thousand to three thousand square feet. The size and layout of thesespaces should benefit future owners by increased leasing velocity and reduced improve-ment costs.
*Currently 80% leased, one of the building’s largest tenants (TSC Education) has givennotice of their intent to vacate at the end of their term in late 2017. As a result, overalloccupancy will fall to 57% and will create an outstanding opportunity to reposition thelow rise building for small and mid size tenants or to potentially divest of the smallerbuilding to a user-buyer. The remaining tenancy offers a stable roll schedule with signifi-cant remaining term and should provide a stable base of cash flow.
Prominently located along Interstate Highway 635, the Property offers a significant position in the East LBJ “micro” market. The buildings’ occupancy and remaining vacantspace provides an outstanding opportunity to capitalize on the booming population andjob growth fueling Dallas / Fort Worth.
This offering represents an unbelievable opportunity to acquire a sizeable, Class B of-fice presence in one of Dallas / Fort Worth’s most dynamic submarkets. The recentlycompleted expansion of IH-635 has resulted in improved mobility and is drawing ten-ants looking to capitalize on aggressive economics and an unsurpassed location.
The Dallas Fed recently forecast 2017 job growth for Texas at 2% or roughly 242,000new jobs. In 2016, the Texas economy added 193,000 new jobs.
From 2016 to 2020, DFW is projected to add 589,309 residents (Moody’s). The fore-cast is the highest population growth projection in the entire US. Additionally, Moody’shas forecasted new job growth in DFW of 352,101 between 2016 and 2020. Again, thisfigure is the highest in the nation.
12160 N ABRAMS - DALLAS, TX
NORTHCREEK PLACE 2
PROPERTY OVERVIEW
PROJECT SIZE: 142,430 SF of NRA SITE AREA: (+/-) 4.5 AcresOCCUPANCY: 84%* BUILT/UPDATED: 1975 / 2015STORIES: Eleven PARKING RATIO: 3 per 1,000 SF
PROPERTY HIGHLIGHTS
Wells Fargo Tower is an 11-story, Class B+ office tower that was originally de-veloped in 1975. Since its completion, the Property has been maintained andrenovated to the highest standards. Currently 84% occupied, Wells Fargo Toweris leased to a diverse group of tenants. The vacant space is made up of smallsuites, the majority of which have undergone speculative build outs that include:granite counter tops, new wood flooring, carpet and paint.
*The building’s namesake, Wells Fargo, has given notice of their intent to vacateat the end of 2017. As a result, occupancy will drop to roughly 70%. The bank’srelocation offers potential buyers the chance to offer signage and naming rightsat the corridor’s most prominent and recognizable office building. The Prop-erty’s signage has not been available for more than 30 years!
The Property’s tenancy provides investors with a secured cash flow, while theremaining 24,000 SF of vacant space provides an outstanding opportunity toenhance the Property’s value through leasing and market repositioning.
Wells Fargo Tower offers incredible visibility. Strategically positioned along Air-port Freeway (State Highway183), the Property offers direct and immediate ac-cess to Highway 114, Highway 190 and Highway 360. Currently underway, the$1.5 billion expansion of Highway 183 will have a dramatic impact on the area’straffic flows and volume. Currently handling more than 170,000 cars per day,Highway 183 is a vital east-west artery. The expansion plan will increase thecapacity from the current six main lanes and four frontage lanes, to includeeight main lanes, four tolled HOV lanes and six frontage lanes.
As a result of the impressive population growth, overall office absorption totalsfor Dallas-Fort Worth reached 2.877 million square feet in 2016. When com-bined with the 17.6 million square feet absorbed between 2011 and 2015, theentire Dallas-Fort Worth Metro area is showing significant momentum. React-ing to the activity, asking rental rates (full service) across all classes of officespace reached $25.67/sf at the end of 2016. This represents an increase ofroughly 13.5% in 12 months.
800 W AIRPORT FREEWAY - IRVING, TX
WELLS FARGOTOWER
FOR INFORMATION CONTACT:
SCOT C. FARBER, CCIM TOM STROHBEHN, CCIM TEL: 972.663.9966 TEL: 972.663.9637
[email protected] [email protected]
Enclosed with this Investment Offering Summary is a Confidentiality Agreement relating to the Property. If you are interest in receiving a full Offering Memorandum, please sign and return the Confidentiality Agreement to the exclusive agents listed below. The infor-
mation contained herein was obtained from sources believed reliable; however, Cushman & Wakefield of Texas, Inc. makes no guarantees, warranties or representations as to the completeness of accuracy thereof. The presentation of this property is submitted subject
to errors, omissions, change of price or conditions, prior sale of lease, or withdrawal notice.
