ERG Property Advisors Closes on Ground Leased Comerica Bank in Dallas, TX
ERG Property Advisors is pleased to announce the sale of 8225 Preston Road in Dallas, Texas. The trophy asset contains a 20 year, ground lease by Comerica Bank (NYSE:CMA) which commenced in January, 2009.
Online, January 11, 2013 (Newswire.com) - ERG Property Advisors is pleased to announce the sale of 8225 Preston Road in Dallas, Texas. The trophy asset contains a 20 year, ground lease by Comerica Bank (NYSE:CMA) which commenced in January, 2009.
"Retail net-lease investments have experienced significant cap rate compression in the first and second quarters of 2012" says Andrew Greenberg, Senior Director of ERG's retail division, who represented the buyer in the transaction.
"Net-lease properties are the most active division within the retail investment market. Buyers are focusing on tenants such as McDonald's, Walgreens, and retail banks such as Comerica Bank in strong MSA locations."
Located along Preston Road, the subject property is situated in the heart of Preston Center, A premier retail and office hub with over three million square feet of office space. The property is positioned directly across from The Plaza at Preston Center, a 160,000 SF Tom Thumb anchored center. This extremely affluent area boast average household income in excess of $242,000
Dallas is the ninth largest city in the United States. At over 5.8 million people, it is the fifth largest metropolitan area in the United States and the largest metropolitan area in the state of Texas.
The property sold for $5,600,000 with a 5.36% Cap Rate.
For more information about this property, please contact or Andrew Greenberg at (646) 253-0950 his email is agreenberg@ergpa.com.
About ERG Property Advisors
ERG Property Advisors is a full-service commercial brokerage company based in New York City. Our core activities are investment sales, mortgage brokerage and direct capital services. While focused on the broader New York City area as a company, ERG also offers specific market knowledge at the submarket level. Beyond core New York City properties, ERG's Retail Division specializes in the disposition of commercial investment real estate property nationally with a focus on freestanding Net-Lease properties. In addition to assisting property owners and prospective buyers, ERG provides banks, appraisers, attorneys, and accountants with information and skill sets that support them in their respective roles. Through strategic alliances with select companies we are able to offer our clients access to mortgage brokerage, direct capital services and investment sales brokerage.. Visit www.ergpa.com for recent deals and press coverage.