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EXECUTIVE SUMMARY
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This has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from. This publication is the copyrighted property of Colliers International and/or its licensor(s). ©2021. All rights reserved.
Madeleine Supplee
+1 214 706 6045
madeleine.supplee@colliers.com
+1 214 706 6048
johanna.ramirez@colliers.com
+1 415 288 7840
jeremy.thornton@colliers.com
+1 214 706 6047
cl.boyd@colliers.com
+1 214 706 6029
creighton.stark@colliers.com
Johanna Ramirez
JEREMY THORNTON
Chris Boyd
Creighton Stark
Exclusive Marketing Advisors
Acquisition Financing Advisor
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The Opportunity
Colliers is pleased to exclusively offer to qualified investors the opportunity to purchase Meadow Central, an aggregate 175,227 square feet comprising one five-story office building (10300 N. Central Expressway) and one two-story office building (10260 N. Central Expressway). Meadow Central offers an immediate opportunity to increase revenue through leasing of available suites and mark-to-market rental rate increases via staggered rollover, while enjoying in-place stable cash flow and annual contractual rental rate increases.
At 79.8% occupancy, Meadow Central benefits from a diverse mix of tenant industries and steady returns as leases renew at rising market rental rates. Positioned to capture tenant demand from increased rates in the lower Central Expressway corridor, nearby medical districts and Infill Triangle – the area bounded by Central Expressway, Dallas North Tollway, LBJ Freeway and the Dallas central business district – Meadow Central offers modern upgrades with high-quality finishes, floor plates that allow flexible leasing configurations, and easy access to restaurants, parks, transportation and new mixed-use developments.
The Central Expressway market has long been a desired location for tenants given its position adjacent to Dallas’ premier residential neighborhoods, access to a strong amenity base, and convenient location with immediate access to all of Dallas’ major thoroughfares. The abundance of accessible resources includes great dining and shopping destinations at Preston Hollow Village, The Hill and NorthPark Center, beautiful areas at Harry Moss Park and Royal Oaks Country Club, luxury residences, and entertainment options.
With a diverse tenant base experiencing rollover at approximately 15% below market, and Dallas metro ranked #1 by Kastle Systems “Back to Work” metrics, Meadow Central is poised to perform in the current environment and beyond.
Institutional Quality
Secure Investment
Core-Plus
Highly Visible
Strong Base
Leasing Momentum
Brochure
Confidentiality Agreement
View Brochure
cONFIDENTIALITY agreement
Mark Meador
STATE-OF-THE-ART FITNESS CENTER
BUILDING AMENITIES
Strategic Office
Innovation Quarter
Superior Access
Institutional-Quality, Class A, Multi-Tenant Office: Mid-rise 3-story LEED-certified office investment located in the heart of the 190 STEM Corridor where limited inventory provides investors a generational opportunity to acquire a recession-resilient, institutional-quality asset in a suburban, infill submarket within the Greater DFW market.
UPDATED TENANT LOUNGE AND CAFE
BEST-IN-CLASS CONFERENCE AND TRAINING
CENTER
EFFICIENT FLOORPLATES WITH 10’ CEILINGS
Colliers International is pleased to exclusively offer to qualified investors the opportunity to purchase Preston Park located at 1800 and 1820 Preston Park Boulevard in Plano, Texas. The property is comprised of two Class A multi-tenant office buildings comprising approximately 198,788 square feet.
Originally completed in 1997, Preston Park features newly renovated lobbies, common areas, tenant lounges, and tenant conference centers. In addition to these attributes, the combined 12-acre site is located with convenient accessibility to Preston Road, Dallas North Tollway, George Bush Turnpike, and Central Expressway. This prime location provides walkability to the amenity rich Preston Park Village and Park Boulevard with premier restaurant and retail options, fitness centers, and child care, as well as close proximity to Legacy West, CityLine and both commercial airports (DFW – American Airlines headquarters and Love-Field – Southwest Airlines headquarters).
Plano’s growth continues to be exponential, with visionary companies quickly discovering Plano is the best address for their success. Many Fortune 1000 companies have relocated to Plano for their North American headquarters, including Toyota, Cinemark Theatres, Frito Lay, Dr. Pepper, and Liberty Mutual. With the $2 Billion mixed-use Legacy West development, Plano has become the all-encompassing corporate hub of Dallas.
ARAPAHO DART RAIL STATION
ACROSS FROM
CENTER FOR
ENTREPRENEURSHIP & COLLABORATION
PREMIER
TECH HUB
OVER 50%
OF RICHARDSON BUSINESS
CONTAINS
BRAND NEW
NAME, LOGO & ZONING CODE
2020 REBRAND
OF RICHARDSON IQ
OVER 1,000
BUSINESSES
1,200
ACRE AREA
1,900
PEOPLE EMPLOYED
INNOVATION QUARTER COMPANIES WITH OFFICES/LOCATIONS
DUAL FIBER OPTICS FEED, WIRED CERTIFIED
UP TO 6.0 / 1,000 PARKING RATIO
LEED CERTIFIED GOLD
190 STEM Corridor
High Profile Asset
Gold Leed Certified
INSTITUTIONAL-QUALITY, CLASS A, MULTI-TENANT OFFICE CAMPUS:
Mid-rise 3-story LEED-certified office investment located in the heart of the 190 STEM Corridor where limited inventory provides investors a generational opportunity to acquire a recession-resilient, institutional-quality asset in a suburban, infill submarket within the Greater DFW market.
INSTITUTIONAL-QUALITY, CLASS A, MULTI-TENANT OFFICE CAMPUS:
Currently 80.6% occupied with a strong mix of global and national investment-grade credit tenants, the Property offers investors the immediate opportunity to significantly enhance value through lease-up of existing space in a secure campus-like atmosphere while benefiting from strong in-place / recession resilient cash flow and current cash yields.
SECURE INVESTMENT GRADE CASH FLOW:
Limited annual lease roll-over exposure (no roll-over at the Property over the next 5-years), with WALT of 7.5 years with global, credit-worthy stem industries to 80.6% of the Property bolstering downside protection while providing significant runway for income improvement through the lease-up of the remaining 36,000 SF of vacancy and/or through the development of the adjacent 4 +/- acres for additional parking or other uses, currently zoned Light Industrial 1.
CORE-PLUS OFFERING WITH SIGNIFICANT VALUE CREATION OPPORTUNITIES:
The Property is 80.6% occupied to 3 investment-grade tenants with no single tenant comprising more than 36% of the total rentable square feet, thereby allowing new ownership to benefit from stable credit, durable cash flow and reduced rollover risk. The 7.5 weighted average in-place lease term that is secure over the long-term provides an attractive, inflation-protected income stream and validates proforma lease-up assumptions.
STRONG BASE OF INVESTMENT GRADE TENANTS WITHIN A DIVERSIFIED RENT ROLL:
Since 2019, current ownership leased nearly 150,000 square feet of new space within the Property. The tremendous leasing activity continues to outpace the submarket, clearly demonstrating the Property’s competitive position as one of the most desirable assets in the Plano/Richardson submarket. In addition, a significant value opportunity exists based on projected market rents and leasing the remaining vacant suites, due to scarcity of quality, Class A space in the historically tight submarket. No new competitive office product is planned or under construction in the submarket.
SIGNIFICANT RECENT LEASING MOMENTUM:
The Property is well-positioned within DFW’s prominent 190 STEM corridor and is one of the most-accessible and visible office buildings in the submarket within Greater DFW. The Property is located strategically off of President George Bush (190) Highway, which has an average of 300,000 vehicles per day. In addition, the Property is equidistant to Dallas North Tollway and US 75/Central Expressway anchored by Plano and Richardson, respectively, providing tenants convenient access to a deep employee base. With over 185,000 square feet of direct freeway frontage and visibility, the Property has outstanding building signage opportunities. In addition, much of the Property’s vacancy is concentrated on the west side near the building’s central core with easy access to building amenities thereby making the Property’s vacancy extremely valuable.
HIGHLY VISIBLE INFILL LOCATION WITHIN #4 MSA IN THE UNITED STATES:
Located along the George Bush Highway (190 STEM Corridor), Apex provides convenient access to
executive and workforce housing with nearby amenities. The Property’s open air concept with high parking ratio, multiple points of ingress/egress, as well as stairwell and elevator options provides ultimate flexibility and accessibility in a post-COVID environment. The Property is located within Collin County, the fastest growing and wealthiest county with the highest household and per capita income
in the state of Texas. As DFW continues to expand north, the submarket’s quality, and well-located commercial properties are ideally positioned to meet near-term and long-term tenant demand.
STRATEGIC SUBURBAN INFILL OFFICE SETTING:
Located equidistant and within 10 minutes, are Legacy and Cityline shopping hubs, providing numerous dining and retail options. Immediately south of The Property is The University of Texas at Dallas, an academic institution providing talented STEM labor to the North Texas region as well as abundant single-family and multi-family housing options experiencing steady value appreciation. The Property provides regional and national tenants the opportunity to locate in a high-image office complex that is well-situated with an attractive parking ratio (post-expansion approximately 6 per 1,000 square feet, as outlined in further detail herein), numerous amenities within close proximity, and visibility and immediate access to greater Dallas, including DFW Airport, Dallas Love Field Airport and the Dallas CBD, which are all less than 25 minutes away.
SUPERIOR AND IRREPLACEABLE ACCESS TO RETAIL, ACADEMICS, ENTERTAINMENT AND HOUSING:
Located equidistant to two major intersections of US 75 and President George Bush Tollway and Dallas North Tollway and President George Bush Tollway, this brings easy access to the Property from surrounding communities, including Plano, Allen, Richardson, McKinney and Garland. The submarket is selected by many blue-chip corporate tenants for its exceptional regional access, convenience to a well-educated, abundant workforce and proximity to other high-quality companies. The submarket is intersected by the George Bush Turnpike (190 STEM Corridor), which provides direct access to DFW International Airport, Las Colinas and Dallas North Tollway as well as the extension of the DART Light Rail System through Plano and Richardson and throughout the Dallas area and DFW Airport.
PREMIER OFFICE ASSET CENTRALLY LOCATED IN BURGEONING CORE OF 190 STEM CORRIDOR:
The Property is within the DFW MSA, which is the 4th largest MSA in the United States with a population of 7.1 million and ranks as the 2nd fastest growing metro in the United States in terms of population and 1st for projected job growth through 2021 (329,532 jobs estimated over the next five years). With a GMP of $512 billion, DFW has the 4th largest metropolitan economy in the U.S. and 23rd largest in the world. The Property is situated directly on the George Bush Highway offering the best visibility amongst the competitive set with 250,000 vehicles daily. The Property is located in a suburban-infill location and is well-positioned with strong access to key transportation nodes, employment neighborhoods and a deep amenity base nearby for tenants.
HIGH-PROFILE ASSET SITUATED IN DYNAMIC
DFW SUB-MARKET:
Limited or no near-term capital improvement needs allow a new owner to focus on marketing and lease-up of 36,000 SF while preserving cash.
GOLD LEED CERTIFIED HIGH-QUALITY OFFICE ASSET WITH RCENTLY ADDED AMENITIES AND CAPITAL IMPROVEMENT ENHANCEMENTS:
Meadow
Central
10260 & 10300
North Central Expressway
Dallas, Texas
Historically Strong NCX Multi-Tenant Office Workhorse
The Opportunity
Investment Overview
Photo Gallery
North Central
Contact Us
Meadow
Central
Meadow Central is strategically located in the heart of the North Central Urban Micromarket, an area defined by the region along Central Expressway bordered by Northwest Highway to the south, Royal Lane to the north, and Greenville Avenue to the east. This stretch has experienced significant redevelopment, having transitioned from simply office and retail properties into a high-end mixed-use environment. Combined with its current access to major arteries and proximity to major medical centers, Meadow Central benefits from Infill Triangle overflow and rising rental rates in lower Central Expressway to the south, as tenants seek a quality building in a centralized location.
North Central Urban Micromarket
Area Snapshot
Approximately 3,000 new residential units, medical offices, and hotels
With immediate access to U.S. Highway 75 (Central Expressway)/Interstate 635 (LBJ Freeway) “High Five” Interchange
Over 250 extraordinary restaurant and retail options nearby including Shops at Park Lane, NorthPark Center, The Hill, and Preston Hollow Village
Adjacent to the Infill Triangle, a prominent, amenity-rich and top-performing market within the Dallas Metroplex
Shared Tenant Conference Room
Grab & Go Cafe
Newly Renovated Elevators, Restrooms & Lobby
Reserved Covered Parking Available
On-site Property Management & Security
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214 706 6048
johanna.ramirez@colliers.com
The Opportunity
Photo Gallery
Adjacent to the Infill Triangle, a prominent, amenity-rich and top-performing market within the Dallas Metroplex
Approximately 3,000 new residential units, medical offices, and hotels
With immediate access to U.S. Highway 75 (Central Expressway)/Interstate 635 (LBJ Freeway) “High Five” Interchange
Colliers is pleased to exclusively offer to qualified investors the opportunity to purchase Meadow Central, an aggregate 175,227 square feet comprising one five-story office building (10300 N. Central Expressway) and one two-story office building (10260 N. Central Expressway).
Positioned to capture tenant demand from increased rates in the lower Central Expressway corridor, nearby medical districts and Infill Triangle – the area bounded by Central Expressway, Dallas North Tollway, LBJ Freeway and the Dallas central business district – Meadow Central offers modern upgrades with high-quality finishes, floor plates that allow flexible leasing configurations, and easy access to restaurants, parks, transportation and new mixed-use developments.
With a diverse tenant base experiencing rollover at approximately 15% below market, and Dallas metro ranked #1 by Kastle Systems “Back to Work” metrics, Meadow Central is poised to perform in the current environment and beyond.
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