DALLAS—Colliers International has been exclusively retained to market Commerce Plaza Hillcrest at 12800-12890 Hillcrest Rd. in Dallas. Jack Minter and Creighton Stark of Colliers International’s Dallas office will represent the undisclosed, institutional owner in the sale.
Colliers tells GlobeSt.com that while the 203,688 square feet, situated on just under 10 acres is being marketed without an asking price, “assets in the area have traded between $70 and $80 per square foot.” The firm adds that prospective owners will have “maximum flexibility in a prime location.”
The property is directly adjacent to Dallas’s Park Central submarket and part of the “Infill Triangle” between Interstate 75, Interstate 635, the North Dallas Tollway, and Woodall Rogers Freeway. The Property’s strategic location boasts direct access to several major north/south and east/west thoroughfares.
“The Property has been institutionally owned since 1979,” says Stark. “With the anticipated completion of the LBJ Freeway, this opportunity to own such a well-located property will bode well for the new owner’s future.”
Minter and Stark have tracked rental and vacancy rates from the past 15 years in the “Infill Triangle” and recently closed the sale of Two Forest Plaza within the Park Central submarket. They predict that Park Central is the next wave of growth behind Preston Centre and Uptown.
“As a result of the unprecedented 15 years of infrastructure improvements, the Park Central area has been the lone infill area to underperform,” says Minter. “With the infrastructure projects now completed or near completion, the Park Central area is poised to return to prominence as one of Dallas’ top performing infill submarkets.”