News

Dallas, TX | Core-Plus Office Acquisition
Project Data |
|
Address: | 8080 North Central Expressway, Dallas, TX 752060 |
Size: | 289,041 SF on +/- 1.7 acres |
Property Type: | Class A Office |
Purchase Price: | $58.4M ($202 PSF) |
Overview
8080 NCX is a 289,041sf Class-A office tower located in the Central Expressway submarket of Dallas, TX immediately adjacent to the Park Cities, the high-end residential area of Dallas. The 17-story office tower was 96% leased upon acquisition and parked by a 12-level parking garage attached connected via a 6-story glass atrium. The acquisition of 8080 NCX presents an opportunity to buy a Class-A office tower well below replacement cost, with stable occupancy and average in-place rents below market. Credit tenants comprise 69% of the rent roll and provide stable cash flow and capital protection throughout the investment period. However, we also believe this long-overlooked location is seeing a resurgence in its appeal due to its being adjacent to the high end residential areas of Dallas and its offer of a high-quality, lower-cost alternative to the significantly more expensive Uptown and Preston Center submarkets.