300 North Coit Road
Richardson, TX 75080 ·
221,404 SF · Office For Sale
Compass Building & Promenade Shops
|Building Size||221,404 SF||Tenancy||Multiple|
|Property Type||Office||Year Built||1977|
|Property Sub-type||Office Building||Parking Ratio||4.63 / 1,000 SF|
|Property Use Type||Investment|
|Listing ID: 16672241||Date Created: 05/04/2010||Last Updated: 05/04/2010|
Holliday Fenoglio Fowler, L.P. ( HFF ) has been exclusively retained by the Owner (the Owner ) to offer to qualified investors the opportunity to purchase the fee simple interest in the BBVA Compass Building and Promenade Shops (the Property ) in Richardson, Texas. The Property consists of a 15-story office tower and 2-story retail plaza located at the intersection of Coit Road and Beltline Road, providing excellent access to the suburbs of North Dallas and Dallas' major north-south thoroughfares, North Central Expressway (US-75) and the Dallas North Tollway, and major east-west loops, LBJ Freeway (IH-635) and President George Bush Turnpike (SH-190).
The Richardson/Plano office market is one of the most dynamic markets in DFW. From 2006 through 2009, the submarket absorbed over 2.4 million square feet, averaging over 600,000 square feet per year. Overall, the Richardson/Plano office market encompasses 31.4 million square feet, and nearly 89% of this space is classified as either Class A or Class B product. Rental rates have risen sharply in recent years, reaching an average of $19.17 per square foot at the end of 2009 which represents a 10.8% increase over the fourth quarter 2006 average. Class A space within Richardson/Plano commanded an average rental rate of $21.37 per square foot and Class B space averaged $18.46 per square foot at the end of 2009.
- BBVA Compass has been a tenant in the Property for 19 years (since May 1991) and occupies 25% of the office building.
- Since the current Owner acquired the Property in 2004, approximately $3.2 million in renovations and upgrades have been completed.
- Adjacent to North Central Expressway (US-75), Dallas North Tollway, LBJ Freeway (IH-635) and President George Bush Turnpike (SH-190).
- Interest in the Property remains extremely strong. In 2009, 18 new leases, renewals and expansions totaling 38,000 square feet were executed.
- Within a one-mile radius of the Property there is over 1.2 million square feet of retail and over 144,000 residents within a three-mile radius.
- An investor is presented a value-add opportunity through the lease up of vacant retail space.
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