EMPIRE COMMERCE CENTER (DALLAS, TX)

MULTI TENANT

1140-1150 EMPIRE CENTRAL, DALLAS, TX 75247
Price :
$ 3,000,000
Cap Rate :
8.05%
NOI :
$ 241,518
Lot Size :
3.19 acres
Year Built :
1982
Property Area :
44,537 sqft
Status :
UNDER CONTRACT
MARKETING PACKAGE

By downloading the Marketing Package (“Offering Memorandum”) you hereby agree to the CONFIDENTIALITY AND BUYER REGISTRATION AGREEMENT.

 

Investment Highlights

• Value-Add Office/Flex Portfolio Located in Core Infill Dallas Locations
• Proximate to Dallas Love Field, Stemmons Freeway, Downtown Dallas and the Dallas Medical District
• Average Market Rent of $19.66 per Foot Provides Buyer with a Roadmap to Enhancing Value and  Creating an Exit Strategy
• Going in Cap Rate of 8.79% Unleveraged at Below Replacement Cost of $67.34 Price per Foot
• Ease of Access: Each Unit with a Dedicated Entrance and Parking Spaces Create an Advantage Comparative to Mid-High-Rise Office Buildings

 

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire the Regal Plaza/Empire Commerce Center Portfolio offered at $7.1 million, $67.34 per square foot, and 8.37 percent cap rate at the current 75 percent occupancy. The subject multi-tenant assets are substantially below replacement cost and provide a solid stable income stream with substantial upside, due to the rising rental rates and increasing occupancy of the submarket. As the design district rates increase, tenants and owners are moving north to properties like Regal Plaza/Empire Commerce Center. As the rental rates convert to NN, the cash flow is expected to increase by approximately 48 percent in five years.

Both assets are Dallas infill locations and are in close proximity to Dallas Love Field Airport, Stemmons Freeway, Dallas Medical District, and DFW International Airport. The average market rent of $19.66 with annual rental growth of 2.52 percent should provide ample future income. The assets provide an opportunity for long-term real estate appreciation and rent growth. Priced below replacement cost, a potential buyer has ample ability to grow rents and enhance value over the long-term.

Empire Commerce Center consists of two buildings at 1140 and 1150 Empire Central Place, totaling 44,537 square feet. The two single-story assets feature multiple direct entrances, and provide easy access to Interstate 35 East and 183 via Empire Central. The buildings were built in 1982 with substantial updates completed in the last few years and monument/building signage available. The buildings are 100 percent HVAC, provide ample surface parking with a 3.2 per 1,000 parking ratio, and have an on-site deli and 24-hour access.

Regal Plaza at 1499 Regal Row, Dallas, Texas consists of four single-story office showroom assets totaling 60,904 square feet. The multi-tenant buildings are situated on four acres in Dallas Proper. The buildings surround a large common area courtyard. The rent roll includes a diverse mix of retail, office, and flex tenants, and the property has been well-maintained with recent façade and other updates. The asset has easy access to both Interstate 35 East and 183 and good visibility within the Brookhollow/Stemmons Corridor. The assets were built in 1978, recently remodeled, and have substantial curb appeal with improvements to landscaping and parking restriping.

 

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2019 Marcus & Millichap. All rights reserved. (Activity ID: ZAA0060353)

Exclusive Listing

Adam Abushagur
(972) 755-5223
Lic # TX : 661916
Ron Hebert
(972) 755-5245
Lic # TX : 0514271

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