JV Acquires 198K-SF 1800 & 1820 Preston Park

Alexander & Baldwin sold the 198,759-square-foot 1800 & 1820 Preston Park office campus in Plano, TX to a joint venture consisting of Libitzky Property Co. and Sunwest Real Estate Group. The price for the two-building asset in the far north Dallas metro was undisclosed. Eric Mackey, Gary Carr, John Alvarado, Robert Hill, Evan Stone, and Jared Chua with CBRE represented the seller.

The Class A office property delivered in (get this) and is situated within two miles of President George Bush Turnpike (SH 190) and the Dallas North Tollway. 1800 & 1820 Preston Park is 81% leased to tenants including American Flood Research, Arrow Electronics and Health Texas.

“1800 & 1820 Preston Park presented investors with a stable, in-place cash flow and near-term upside through the lease-up of the existing vacancy as well as increasing the below-market rents upon the rollover of the existing leases,” Mackey said.

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