Libitzky Property Cos. and Sunwest Real Estate Group purchased 1800 and 1820 Preston Park from Alexander & Baldwin. The properties total 199K SF of rentable, Class-A office space, and they are 81% leased. A CBRE team made up of Eric Mackey, Gary Carr, John Alvarado, Robert Hill, Evan Stone and Jared Chua represented Alexander & Baldwin in the sale.
“1800 and 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,” CBRE Senior Vice President Eric Mackey said in a statement. “The property is very well-suited to office users who live in the nearby affluent neighborhoods of West Plano.”
Located on the east side of Preston Park Boulevard south of Park Boulevard, 1800 and 1820 Preston Park are in the Far North Dallas submarket, one of the hottest in the metro going into this year.
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