Accesso Partners, LLC has acquired One Allen Center, a Class A, 150,506 SF midrise office building fronting the Central Expressway in the fast growing Dallas suburb of Allen.
Price was not disclosed.
Andrew Levy, senior managing director and Todd Savage, managing director of HFF’s Dallas office represented the seller, Investcorp of New York City..
“This an exceptionally well-maintained building, square in the path of northbound suburban growth, that caters to small and mid-sized tenants who want a Class A office environment but who do not want to lose touch with a ‘small town,’ approach,” says Ariel Bentata, co-founder and managing partner-investments of Accesso.
Andrew Levy, senior managing director and Todd Savage, managing director of HFF’s Dallas office represented the seller.
Accesso’s chief investment officer Brian Rosen, describes the 7.2 acre, five-story One Allen Center as 90 percent leased and “core stable” with strong current cash flow. He said the new owner will create four immediate move-in spec suites, upgrade all corridors and common areas and will establish an onsite property management office staffed by the buyer’s wholly-owned subsidiary, Accesso Services.
Abbey Rowsey, Accesso’s asset manager for Dallas, says with an on-property manager, the company is committed to maintaining a “highly personal relationship with tenants and their employees as the city of Allen’s population growth, which has doubled over the last 15 years, continues to expand.”
Rowsey adds that “to stay responsive to our tenants and their wishes,” Accesso has appointed the Dallas office of Avison Young as leasing agents. “This is a well-connected national firm with our very strong local team headed by principles J. Dale Ray, Grant Sumner and Chuck Sellers who also are also known listening and communicating with tenants.”
Rowsey says One Allen Center is in the heart of a “walkable community that will only get better.” Its location at 700 Central Expressway is adjacent to Watters Creek at Montgomery Farm, a 700,000 SF open-air luxury mixed-use retail, office and residential complex that includes a Cheesecake Factory, Panera and Starbucks among other restaurants and food store
Under construction one block away is $91 million, 90,000 square foot conference center with new concept 300 room Delta Hotel by Marriott, outdoor pool, courtyard and fitness center plus a 1000 car parking garage. Slated for completion in 2018, it is said to be the largest hotel complex on US-75 between Dallas and Oklahoma.
Accesso officials say most tenant employees live in the immediate area, attracted by the amenities, plentiful and affordable housing and highly regarded public schools. Downtown Dallas is 30 minutes away
Allen, TX is the 16th fastest growing city in the US and the second fastest growing the Dallas/Fort Worth Metroplex, with a workforce population approaching 100,000 people, a median household income of $105.600 annually, while 55 percent have a bachelor’s degree or higher,, twice the U.S. average according to the City of Allen’s Economic Development Corp. (AEDC)
There is also $900 million of projects under construction or in the planning phase within five miles of the property including a 238 acre mixed use project by Howard Hughes Real Estate Corp. Recently, Toyota relocated its North American headquarters from Torrance, CA to Allen. Watchguard Video, world’s largest manufacturer of law enforcement body cameras, broke ground on a $46 million corporate headquarters that will house up to 700 employees, said AECD.
“We’re taking a cue from the ownership of One Allen Plaza,” says AECD President Dan Bowman, “that as Allen grows and becomes a major office, retail and residential destination, we will remain a get involved, neighborly, caring community. For example, the city of Allen is contributing $19 million to our new hotel and convention center. We’re here to make a difference.”
About Accesso Partners, LLC
Acesso Partners, LLC is a 15-year-old full-service commercial real estate investment manager and operator that aims to provide superior returns to its U.S, international and institutional investors. Accesso owns a nationwide portfolio of Class A and B-plus commercial office properties totaling 15 million square feet in Class A locations in premier fast-growing downtown and suburban submarkets nationwide. Accesso Services, provides property management services with an owner’s mindset. Accesso is headquartered in Hallandale Beach, FL with regional offices in Minneapolis, Houston, Dallas and Atlanta.