CBRE Arranges Sale of 1800 & 1820 Preston Park
06 Mar 2018
CBRE announces the sale of 1800 & 1820 Preston Park, a class A office property located in the upscale Far North Dallas suburb of Plano, Texas. The property is comprised of two, two-story office buildings with 198,759 net rentable square feet of class A space and abundant on-site parking.
Libitzky Property Companies and Sunwest Real Estate Group purchased the asset from Alexander & Baldwin (A&B) for an undisclosed price. Eric Mackey, Gary Carr, John Alvarado,Robert Hill, Evan Stone, and Jared Chua with CBRE Capital Markets' Institutional Properties arranged the transaction on behalf of the seller.
“1800 & 1820 Preston Park presented investors with a stable, in-place cash flow and near-term upside through the lease-up of the existing vacancy as well as increasing the below-market rents upon the rollover of the existing leases,” said Eric Mackey, Senior Vice President at CBRE. “The property is very well-suited to office users who live in the nearby affluent neighborhoods of West Plano.”
1800 & 1820 Preston Park is 81 percent leased to a diverse base of creditworthy tenants, including American Flood Research, Arrow Electronics, and Health Texas. The building provides proximity to numerous area amenities including an abundance of high-end restaurant, retail and shopping destinations.
Located along the east side of Preston Park Boulevard and immediately south of Park Boulevard, the property is within two miles of both President George Bush Turnpike (SH 190) and the Dallas North Tollway. The building’s location additionally offers regional access to LBJ Freeway (I-635), Sam Rayburn Tollway (SH 121), Stemmons Freeway (I-35E), and North Central Expressway (US-75).
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.