Overview
Younger Partners, as exclusive advisor, is pleased to present the opportunity
to acquire 3200 Broadway (the “Property”), a privately owned and maintained
office buildings in Garland, TX. The Property offers 90,980 square
feet of highly efficient, small tenant office space that is 60% leased to a diverse
range of tenants. Strong in-place cash flow with a staggered rollover
schedule allows for the next investor to continue common area improvements
and push leasing activity at rising lease rates.
Anchored by JP Morgan Chase, the bank is a long-term tenant in the building
and has committed through the end of the decade. Leased to a diverse rent
roll, the building is primarily designed for small and mid-size spaces. The remaining
vacancy is comprised of well designed suites that would greatly benefit
from a building standard “spec suite” leasing program. Spec suite
construction could contribute greatly to the building’s leasing velocity and
capitalize on the rising DFW market and a reinvigorated ownership group.
Surrounded by rooftops, 3200 Broadway is ideally positioned to service the
neighborhood community. Located near the intersection of Broadway
Boulevard and Centerville Road, 3200 Broadway is the most recognizable
and accessible office building in the area. Available at a sizeable discount to
replacement cost and an attractively low-cost basis, future ownership can
invest reasonable cosmetic capital to bring fresh vibrancy to propel market
leasing momentum.
to acquire 3200 Broadway (the “Property”), a privately owned and maintained
office buildings in Garland, TX. The Property offers 90,980 square
feet of highly efficient, small tenant office space that is 60% leased to a diverse
range of tenants. Strong in-place cash flow with a staggered rollover
schedule allows for the next investor to continue common area improvements
and push leasing activity at rising lease rates.
Anchored by JP Morgan Chase, the bank is a long-term tenant in the building
and has committed through the end of the decade. Leased to a diverse rent
roll, the building is primarily designed for small and mid-size spaces. The remaining
vacancy is comprised of well designed suites that would greatly benefit
from a building standard “spec suite” leasing program. Spec suite
construction could contribute greatly to the building’s leasing velocity and
capitalize on the rising DFW market and a reinvigorated ownership group.
Surrounded by rooftops, 3200 Broadway is ideally positioned to service the
neighborhood community. Located near the intersection of Broadway
Boulevard and Centerville Road, 3200 Broadway is the most recognizable
and accessible office building in the area. Available at a sizeable discount to
replacement cost and an attractively low-cost basis, future ownership can
invest reasonable cosmetic capital to bring fresh vibrancy to propel market
leasing momentum.
Key Facts
Immediate upside - 36,000 SF available for lease up
Opportunity for an owner occupant
Amenity rich suburban environment
Dynamic location amongst outstanding demographic area
Variety of space options and strong in-place cash flow from established tenants
Small floor plates
Outstanding access to area transportation networks
Long run optionality of 5.2 acres
Benefited by Dallas / Fort Worth's status as a top U.S. marketplace with a diversified economy, nation leading population and job growth
Discount to replacement cost of approximately $400/SF
