Newmark announces the sale of One Preston Centre, a 76,741-square-foot office tower in Dallas’ coveted Preston Center. Newmark Vice Chairmen Chris Murphy, Robert Hill and Gary Carr and Director Chase Tagen represented the seller.
Located at 8222 Douglas Avenue, One Preston Centre is within a 10-minute walk of some of Dallas’ most exclusive shops and restaurants. The office building is 88% leased to a base of long-tenured tenants that includes a significant healthcare presence.
“Given the limited amount of investment opportunities in this high barrier-to-entry submarket, we saw tremendous investor appetite from local and institutional capital alike,” said Murphy. “Preston Center will continue to be the investor and tenant submarket of choice given a confluence of factors, namely its position among the city’s most influential residential neighborhoods and ease of access offered by its proximity to the Tollway.”
The buyer is a newly formed partnership that includes an affiliate of local investor Pillar Commercial. Houston-based Community Bank of Texas is providing senior debt financing on the acquisition.
Preston Center is a pedestrian-friendly district featuring a premier collection of boutiques and restaurants. The adjacent affluent residential neighborhoods boast the strongest demographics and the most significant concentration of wealth across North Texas.
Easily accessible via the Dallas North Tollway and Northwest Highway, the property is within 10 minutes of Dallas Love Field and 20 minutes of Dallas/Fort Worth International Airport.