14651 Dallas Parkway, Dallas, Texas
An Immediate Value-Add Opportunity in the Lower Tollway
Property Summary
14651 Dallas Parkway, Dallas, Texas
The Opportunity
Colliers is pleased to exclusively offer to qualified investors the opportunity to purchase
The Princeton, an institutionally maintained office building totaling approximately 377,821 SF located at 14651 North Dallas Parkway in the Lower Dallas North Tollway, North Texas’ most prominent and vibrant north/south corridor. The submarket is roaring with strong office tenant demand from corporate relocations and expansions from North Texas and around the nation.
Currently 60.3% occupied, The Princeton offers a unique value-add opportunity in the proven Lower Tollway submarket with in-place cash flow and upside via lease up of vacancies and increased mark-to-market rental rates as leases roll, while benefitting from recent modernization and capital expenditures, including upgrades to the lobby, facade, elevator modernization, and an interior oasis. The Princeton offers approximately 130,000 SF of contiguous vacancy, available for immediate occupancy, the largest at this price point along the Lower Tollway.
Nearby, the submarket’s growth continues to be exponential, with growing companies relocating to the area including Atmos Energy, Amazon, Coca-Cola, Wells Fargo, Tenet Healthcare, and First Interstate Batteries.
This prime location provides ease of access to numerous shopping destinations along Spring Valley and Belt Line, including 40+ dining, grocery, and retail options, as well as immediate proximity to The Galleria, the Dallas North Tollway, LBJ Freeway and George Bush Turnpike (190 STEM Corridor).
Offered at a significant discount to replacement cost, The Princeton is anchored with strong existing tenancy, offering a diverse tenant roster featuring numerous technology, legal, medical, and financial firms with staggered rollover exposure.
As North Texas, Dallas and the Lower Tollway corridor continue its strongest backto-work metrics in the country, The Princeton is positioned to appreciate from upward trajectory, escalating rental rates with renovation, and tenant migration from neighboring buildings and submarkets experiencing increased rental rates.
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Investment Overview
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Tollway Compression Migration Effect Immediate Value-Add Opportunity 60.3% Occupancy ±130,000 SF Contiguous Availibility Top Tier U.S. Submarket Growing Nearby New Retail & Multifamily Premier Area Demographics 3.23/1,000 Connected Structured Parking
Building Amenities
Conference Room & Tenant Lounge
Garage Parking
Beautifully Landscaped Outdoor Atrium
On-site Property Management and Security
Full-Service Cafe
Car Detail Services
Rendering: Tenant Lounge
New Tenant Lounge & Cafe
Architectural renderings of new tenant lounge and cafe, further enhancing connectivity of atrium and office building.
s t u d i o M E Y E R 408 exposition avenue dallas texas 75226 PRINCETON LOUNGE l 14651 Dallas Parkway Dallas Texas 0 8 . 2 interior
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rendering
Rendering: Tenant Lounge
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exterior rendering
KEY PLAN NTS SUITE LOCATION existing courtyard
The Compression Migration Effect
The Tollway Corridor
The Tollway is the primary conducting rod for office tenants connecting the Legacy and Preston Center submarkets. Due to rising demand, this rod is being heated simultaneously from both ends – as rental rates and occupancies rise, brand-name tenants are migrating to the lower portion of the Tollway.
The Lower Tollway stands to benefit as leases expire for tenants in the southern and northern ends of the Tollway, with renewal rates 40-50% higher than where the leases are expiring. Welcoming these tenants in the Lower Tollway are mature amenities, along with gross asking rents averaging $30.00, compared to low $40s in Preston Center, mid-$30s in the Galleria area and upper $30s in Legacy.
The Lower Tollway is located in the heart of the Tollway Corridor, and with recent building and area renovations, it’s competitive with nearby Class A office product and primed to take advantage of this migration of high-end office users. This trend is poised to continue for the next several years, providing plenty of runway for the Lower Tollway.
With the Compression Migration Effect, rental rates for the Lower Tollway are expected to increase 15% over the next 3 years.
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THE PRINCETON
Colliers | Pg. 8 $$5.00 $10.00 $15.00 $20.00 $25.00 $30.00 $35.00 $40.00 $45.00 $50.00 30% 40% 50% 60% 70% 80% 90% 100% 2016 2017 2018 2019 2020 2021 2022 2023 Legacy Rental Rate Lower Tollway Rental Rate Preston Center Rental Rate Legacy Occupancy Lower Tollway Occupancy Preston Center Occupancy NNN FORECAST
Compression Multi-Tenant Class A & B Office Net Absorption Major DFW Submarkets -2,000,000 0 2,000,000 4,000,000 6,000,000 Upwn Turtle Creek North US 75 Corridor Preston Center LBJ Freeway Las Colinas Fort Worth CBD Far North Dallas Dallas CBD Central Expressway Q3 2021 2016-2021 (Thru Q3 2021) Far North Dallas
Tollway
DallasNorthTollway Belt Line Rd Belt Line Rd InwoodRd Inwood Rd Addison Airport (5 min. drive) Bent Tree Country Club Country Club Preston Trail Golf Club Restaurant Row - 170+ Restaurants Preston Rd PRESTONWOOD TOWN CENTER 5 Restaurants & 17 Large Retailers VILLAGE ON THE PARKWAY 21 Restaurants 9 Large Retailers 1 Movie Theater LEGEND SUBJECT RETAIL/DINING/LODGING RESIDENTIAL/MULTIFAMILY MIXED-USE RECREATIONAL AIRPORT Landmark Blvd Hotel LEGACY ADDISON CIRCLE 70-Acre Mixed-Use “Downtown” for Addidson 2,600 Apartments 400 Townhomes 500,000 SF Class A Office Space LandmarkPl 14651 DALLAS PARKWAY
DallasNorthTollway Inwood Road TexPress Lanes Dallas CBD Dallas Midtown Development Future Urban Living & Retail Highland Park/ University Park DFW Airport (23 min. drive) Dallas Love Field (23 min. drive) Preston Hollow Over 37 Restaurants & 134 Large Retailers PRESTON CENTER Spring Valley Rd GALLERIA NORTH Landmark Blvd 14651 DALLAS PARKWAY LEGEND SUBJECT RETAIL/DINING/LODGING RESIDENTIAL/MULTIFAMILY MIXED-USE RECREATIONAL AIRPORT
Property Summary
1717 McKinney Avenue Suite 900 Dallas, TX 75202 www.colliers.com
Creighton Stark +1 214 706 6029 creighton.stark@colliers.com
Chris Boyd +1 214 706 6047 cl.boyd@colliers.com
Patrick Howell +1 214 217 1226 patrick.howell@colliers.com
Shannon Long +1 214 217 4895 shannon.long@colliers.com
Exclusive Marketing Advisors Acquisition Financing Advisor
Jeremy Thornton +1 415 288 7840 jeremy.thornton@colliers.com