Prestonwood Court I & II consists of two multi-tenant retail shopping strips totaling 50,925 square feet in a desirable location off of the Dallas North Tollway. Prestonwood Court I is a 39,668-square foot building situated on 3.15 acres. Tenants include Starpower Home Theater, Zio Al’s Pizza, Hot Nails Too, Jersey Joe’s, Gariani’s Menswear, Men’s T Clinic, Brian Hooten (Chiropractor), and Sahar Salons. All current leases are triple net, and the majority of the tenants have rent escalations remaining during their primary terms. Prestonwood Court II is an 11,257-square foot building on 1.05 acres. Tenants consist of Pie Five, Manolo Salons, Texas Hot Tubs, Mariner Finance, and Hotworx gym. All leases are triple net. Prestonwood Court II is newer 2011 construction, and Prestonwood Court I was originally constructed in 1979 with recent improvements including a new roof installed in 2019.
The subject property is located in the northeast quadrant of the North Dallas Parkway/Belt Line Road intersection. This highly trafficked location has approximately 304,120 vehicles per day on Dallas North Tollway, 43,400 vehicles per day on Belt Line Road, and 22,000 vehicles per day on Arapaho Road. The surrounding area has a dense retail presence, with numerous national and regional tenants including Walmart, Michaels, Office Depot, Best Buy, DSW, Barnes & Noble, Walgreens, Chick-fil-a, Sonic, Panera Bread, Whole Foods, La Madeleine, Gloria’s Latin Cuisine, 24 Hour Fitness, AMC, Jason’s Deli, Outback Steakhouse, BJ’s, TGI Fridays, and many more. Additionally, the area has excellent demographics with more than 395,900 residents within five miles of the property and an average household income exceeding $94,500 within three miles of the property. The property benefits from its location in one of the main office hubs in the Dallas-Fort Worth metroplex, home to nearly 25,000 businesses with over 307,000 employees within a five-mile radius.
- 50,925-Square Foot Multi-Tenant Shopping Center Comprised of Two Buildings on Two Parcels Totaling 4.2 Acres
- Cumulative Occupancy is 87% | All Current Leases are Triple Net | Upside Potential in Leasing Vacant Space, Contractual Rent Growth and Market-to-Market Upon Rollover
- Complementary Mix of National and Local Tenants that are Largely Internet Resistant and Service Oriented Businesses
- Current Average Rental Rates are Well Below Market
- New Roof Installed on Prestonwood Court I in 2019
- Desirable Location in the Northeast Quadrant of the North Dallas Parkway/Belt Line Road Intersection
- Extremely High Traffic Counts | 304,120 VPD on Dallas North Tollway | 43,400 VPD on Belt Line Road | 22,000 VPD on Arapaho Road
- Dense Retail Trade Area with Numerous National and Regional Tenants
- Excellent Demographics | 395,900 Residents Within Five Miles | Average Household Income Exceeds $94,500 Within Three Miles
- Prestonwood Court I and II Can Be Purchased Together or Individually