ALLEN, TX—Allen is the second-fastest growing city in the metroplex, with a workforce of 1.9 million within a 45-minute drive of Dallas. Allen's population is approaching 100,000 people with a median household income of $105,600 annually. Some 55% of the residents have a bachelor's degree or higher, twice the US average, according to the Allen EDC.

“Allen has maintained its hometown feel while experiencing rapid commercial growth,” says Daniel Bowman, Allen EDC executive director/CEO. “Our community strikes the perfect balance as a place to live and work.”

With this growth trajectory in mind, Accesso Partners LLC has acquired One Allen Center, a class-A 150,506-square-foot office building fronting the Central Expressway. The price was not disclosed.

“This an institutionally maintained building, square in the path of northbound suburban expansion that caters to small- and mid-sized tenants who want class-A office space in the heart of a high-growth community,” says Brian Rosen, chief investment officer of Hallandale, FL-based Accesso Partners.

One Allen Center is in the heart of a walkable community, adjacent to Watters Creek, a 700,000-square-foot open-air mixed-use retail, office and residential complex that includes 53 shops and restaurants including Ann Taylor, Cheesecake Factory, P.F. Chang's, Eddie Bauer, The Blue Fish, and Bath and Body Works.

The center is 90% leased and sits on a 7.2-acre site at 700 Central Expressway South. The new owner will create move-in-ready spec suites, upgrade all common areas and establish on-site property management staffed by its sister company, Accesso Services.

Accesso officials say most tenant employees live in the immediate area, attracted by the diverse amenities, plentiful and affordable housing options, and highly regarded public schools. In addition, there are $900 million of projects under construction or in the planning phase within five minutes of the property.

One of the projects under construction is a $91 million 90,000-square-foot convention center with a new concept 300-room Delta Hotel by Marriott, a swimming pool, courtyard and fitness center plus an adjacent 1,000-car parking garage. Slated for completion in 2018, it is said to be the largest hotel complex on US-75 between Dallas and Oklahoma.

Abbey Rowsey, Accesso's Dallas asset manager, says the company is committed to maintaining “a highly personalized relationship” with each tenant and their employees. To that end, Accesso has appointed the Dallas office of Avison Young as leasing agents, with a local team headed by principals J. Dale Ray, Grant Sumner and Chuck Sellers.

Andrew Levy and Todd Savage, managing directors with HFF's Dallas office, brokered the sale.

“We will be expanding our footprint in Dallas and are currently looking for other class-A office properties, both downtown and the high-growth suburban submarkets,” Ariel Bentata, managing partner-investments and a co-founder of Accesso Partners, tells Globe St. com. “We've had good results with our Dallas investments in the past and are trying to build on that success.”

Instant Insights /

Allen Checks All Boxes for Investor

Related Stories

Recommended For You