Prestonwood Court I

Price: $14,023,000
Sq. Ft.: 39,668
Cap Rate: 6.75%
Built: 1979

Prestonwood Court I is a 39,688-square-foot, multi-tenant retail center that is well-positioned to serve a highly affluent and densely populated area, located in North Dallas. The center is currently 100 percent occupied with a complementary mix of internet-resistant and service-oriented tenants, including Starpower, Zio Al’s Pizza, Hot Nails Too, Jersey Joe’s, Puff Love, La Prision Mexican Grill & Bar, Sahar Salons, Gariani’s Menswear, Men’s T Clinic, A & M Drug Store, and Elixir Medical Center. All leases are triple-net, and majority of the tenants have scheduled rent escalations remaining during their terms. Constructed in 1979, the building is situated on a large 3.148-acre parcel with ample paved parking.  A double-sided pylon sign provides additional exposure to the center.

The subject property is located in the northeast quadrant of the North Dallas Parkway/Belt Line Road intersection. This high-volume traffic location has approximately 152,314 vehicles per day on Dallas North Tollway, 47,366 vehicles per day on Belt Line Road, and 20,732 vehicles per day on Arapaho Road. The center benefits from multiple ingress and egress points while strategically positioned in the primary retail corridor. The surrounding area has a dense retail presence, with numerous national and regional tenants including Walmart, Michaels, Five Below, DSW, Petco, Burlington, Home Goods, Rally House, Barnes & Noble, Walgreens, Chick-fil-a, Sonic, Velvet Taco, Panera Bread, Whole Foods, Shake Shack, Gloria’s Latin Cuisine, AMC, Jason’s Deli, Outback Steakhouse, BJ’s, TGI Fridays, Smoothie King, Starbucks, and many more. Additionally, the area has excellent demographics with more than 429,954 residents within five miles of the property and an average household income exceeding $102,229 within three miles of the property. The daytime population is more than 285,373 employees within a five-mile radius.

  • 39,688-Square-Foot, Multi-Tenant Retail Center
  • 100% Occupied | All Leases are Triple-Net | Majority of the GLA has Scheduled Rent Increases
  • Current Average Rents are 28% Below Market Rates | Upside Potential
  • Landlord Reports a New Roof was Installed in 2019
  • Complementary Mix of Internet-Resistant and Service-Oriented Tenants | 85% of the Leases have Personal Guarantees
  • Desirable Location in the Northeast Quadrant of the North Dallas Parkway/Belt Line Road Intersection | Extremely High-Volume Traffic Counts | 152,314 VPD on Dallas North Tollway | 47,366 VPD on Belt Line Road | 20,732 VPD on Arapaho Road
  • Dense Retail Trade Area with Hundreds of National and Regional Tenants | Neighbored by Walmart, Michaels, Five Below, Petco, DSW, Barnes & Noble, Whole Foods, Home Goods, AMC Theaters and More | Near “Restaurant Row” on Belt Line Road
  • Excellent Demographics | 429,954 Residents Within Five Miles | Average Household Income Exceeds $102,229 Within Three Miles
  • High Daytime Population | Area Serves as One of DFW’s Primary Office Hubs | 29,475 Businesses Employing 285,300+ Workers Within Five Miles
  • Property Benefits from Approximately 1,200 Multi-Family Housing Units Within Walking Distance
  • Prime Location in the Platinum Corridor | Spanning 13.7 Miles Along Dallas North Tollway Just North of Interstate 635 to State Highway 121 in Frisco