FOR SALE INFILL REDEVELOPMENT OPPORTUNITY

Transcription

1 FOR SALE INFILL REDEVELOPMENT OPPORTUNITY 2929 N STEMMONS FRWY IRVING BLVD. DALLAS, TEXAS WARD RICHMOND, SIOR ward.richmond@colliers.com COLE HOOPER cole.hooper@colliers.com GREG CANNON greg.cannon@colliers.com COLLIERS INTERNATIONAL 1717 McKinney Ave, Ste 900 Dallas, TX 75202

2 World Trade Center STEMMONS TOWERS 2 1 TRINITY TOWERS 1. UT Southwestern Medical Center 2. Texas Women s University Hospital 3. UT Southwestern Medical Center 4. Parkland 5. Zale Lipshey University Hospital 6. Children s Medical Center 7. Children s Health

3 The Offering Property Overview >> CALL BROKER FOR PRICING 2929 IRVING BLVD >> Sale-Leaseback: Tenant will consider 3 to 5 year sale N STEMMONS FRWY Executive Summary Total Building SF: 51,294 SF ±31% Office Finish-out Total Building SF: Land Size: ±3.378 Acres (147,145 SF) Land Size: ±2.159 Acres (94,029 SF) Year of Construction: 1971 Year of Construction: 1964 Construction Type: Steel-frame/Concrete Masonry Construction Type: Steel-frame/Concrete Masonry Clear Height: 18 Clear Clear Height: 16 Clear Loading: 2 Dock High Doors 2 drive-in doors Loading: 2 (10 x10 ) Dock High Doors HVAC: 100% Air-Conditioned HVAC: 100% Air-Conditioned Electrical: Heavy Power Electrical: Heavy Power # of Car Parks: ±75 car parks # of Car Parks: ±74 Car Parks leaseback (terms negotiable) >> Colliers International is pleased to present this unique redevelopment opportunity to acquire 2929 N Stemmons Freeway and 2929 Irving Boulevard, Dallas, TX (the Property ). >> The Property consists of two contiguous lots of land totaling acres with approximately 91,294 square feet in improvements. >> Located in the heart of the Stemmons Corridor, the Property offers prominent frontage on eastbound I-35 with over 475 feet of frontage on N Stemmons Freeway and 267 feet of frontage on Irving Boulevard. >> Short term sale-leaseback offers in-place cash flow that covers carrying costs while longer term redevelopment strategy is reached. 40,000 SF ±3% Office Finish-out >> Significant economic drivers in surrounding area. >> Favorable zoning allows for a number of potential uses. Zoning >> 2929 N Stemmons Freeway: Industrial/Research District. Primary Use: Research and Development, Light Industrial, Office, and Supporting Commercial Uses >> 2929 Irving Boulevard: Mixed Use District 3. Primary Use: High density retail, office, hotel and/or multifamily residential uses in combination on single or contiguous building sites

4 KEY ECONOMIC DRIVERS The Property benefits from close proximity to several of Dallas s major economic drivers. It is strategically positioned two miles from Love Field Airport and less than a mile from both Dallas s Medical District and Design District. Over the last 8 years, approximately $7.43 billion has been invested in new construction in the Love Field / Medical District area that includes the new Parkland Hospital, UT Southwestern, DART, Trinity River Project, and Dallas Love Field renovation. SOUTHWEST MEDICAL DISTRICT The Southwestern Medical District is home to one of the largest concentration of medical facilities in the southwestern United States, with more than 2,000 beds. The District, which includes a 390-acre medical complex employing a workforce of more than 28,000 people, is comprised of UT Southwestern, Children s Medical Center and Parkland Memorial Hospital. The District s future is one of growth and advancement, and the surge in activity from the Southwestern Medical District is spilling over into the surrounding neighborhoods, bringing significant investment into office, residential and retail products. DALLAS AREA RAPID TRANSIT (DART) Approximately a 5 minute drive from the Property, Dallas Area Rapid Transit s (DART s) Market Center Station is serviced by the Green Line and Orange Line trains. The Green Line serves six internationally recognized medical centers, the Dallas Market Center, Dallas Love Field Airport and six entertainment destinations while the recently completed Orange Line provides convenient service to Terminal A at the Dallas/Fort Worth International Airport, supplying a rail connection from the city s center to the third busiest airport in the country. DALLAS LOVE FIELD AIRPORT After the Wright Amendment, which prevented most long-haul service from Love Field for the past 35 years, was repealed in October 2014, Southwest Airlines and Virgin America have been ramping up nonstop flights around the country. Because of its proximity to downtown Dallas, Love Field was turned into a strategic battleground and now competes with American Airlines megahub at Dallas-Fort Worth International Airport. Additionally, Love Field s now completed modernization project costing $519 million creates tremendous benefits for Love Field travelers and brings the airport into the 21st century. THE TRINITY RIVER CORRIDOR PROJECT The Trinity River Corridor Project is the most complex and the largest urban development effort ever undertaken by the City of Dallas, covering 20 miles of the Trinity River, approximately 10,000 acres. Recently the City of Dallas has estimated the project to cost $1.7 billion. The project will create a new dynamic to the Stemmons Corridor and help bring an influx of companies looking to take advantage of the more efficient transportation provided by the Trinity Parkway. THE DALLAS DESIGN DISTRICT The Dallas Design District, just a 5 minute drive from the property, has historically been known for its design showrooms, antique shops, and art galleries. The district has slowly evolved with the addition of one-of-a-kind restaurants & multifamily developments. It currently holds over 370 shops and art/design studios. The District is currently abuzz with proposed projects including the Design District Tower, a 240,000 square foot office building which will make it a true live-work-play district, and the Virgin Hotel, DFW s first. In addition, the Dallas Mavericks recently purchased land in the southeast corner of the district to be developed into a practice facility. VICTORY PARK Developed by Ross Perot Jr., Victory Park surrounds the American Airlines Center, home of the Dallas Mavericks NBA team and Dallas Stars NHL team. Victory Park still has plenty of room for new development currently there are plans for two new office towers, and construction is underway on almost 2,000 apartment units. When the project is completed, this master-planned community will include more than 4,000 residences and over 4 million square feet of office and retail space. The proximity to Uptown also makes Victory Park a hot market for investors One Victory Park and 17Seventeen McKinney recently traded for $419 per square foot and over $500 per square foot, respectively.

5 TENANT PROFILE Performance POP is centrally located in Dallas with the latest technology, stateof-the-art presses, a 10,000 square foot design studio, rapid prototyping shop and ±91,294 square feet of warehouse/distribution space all under one roof. Performance POP are experts in providing the visual tools that build brands. They produce point-of-purchase displays and create other materials for retail and event DECATUR promotions. They assist with concept, design, production and distribution of brandenhancing POPs to get companies noticed. ORT TRAFFIC COUNT N Stemmons Fwy 219,113 VPD INWOOD RD. Irving Blvd. 10,380 VPD Inwood Rd 53,922 VPD IRVING BLVD. ALLEN DEMOGRAPHICS RHOME CORRAL CITY 1 MILE 3 MILE 5 MILE Lake Lewisville THE COLONY POPULATION 2,852 93, ,235 FLOWER MOUND MEDIAN HH INCOME $27,372 TROPHY $53,651 CLUB $53,640 Fort Worth ROANOKE Alliance Grapevine Lake Airport POP. GROWTH 8.66% WESTLAKE 7.00% 6.69% HASLET KELLER SOUTHLAKE GRAPEVINE COPPELL STEMMONS FRWY. CARROLLTON Dallas Galleria Eagle Mountain Lake COLLEYVILLE Presbyterian Dallas SAGINAW Northpark Mall 820 BEDFORD EULESS White Rock Lake Lake Ray Hubbard 20 Lake Worth Fort Worth NAS Jrb/Carswell Field Fort Worth Meacham Airport WHITE SETTLEMENT WESTOVER HILLS BELT JUNCTION 820 HURST ARLINGTON DALWORTHINGTON GRAND PRAIRIE 45 BALCH SPRINGS MESQUITE 20

6 FOR SALE - INFILL REDEVELOPMENT OPPORTUNITY 2929 N STEMMONS FRWY IRVING BLVD. DALLAS, TEXAS WARD RICHMOND, SIOR ward.richmond@colliers.com COLE HOOPER cole.hooper@colliers.com GREG CANNON greg.cannon@colliers.com COLLIERS INTERNATIONAL 1717 McKinney Avenue Dallas, Texas This document/ 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) All rights reserved. This communication is not intended to cause or induce breach of an existing listing agreement. Colliers Macaulay Nicolls Brokerage Inc. (Vancouver). *Personal Real Estate Corporation.

7

8