A renovated 10-story office tower in north Dallas is quietly up for sale, sitting within striking distance of the Valley View site the Dallas Mavericks have tapped for a proposed new arena. The listing drops a stabilized suburban Class A asset right in front of investors already circling the former Valley View Mall property.
Hillcrest Tower, at 12720 Hillcrest Road, totals roughly 168,189 square feet across 10 floors and underwent a renovation in 2014, according to the building’s marketing materials. The online listing highlights an on-site deli, fitness center, conference facilities, and structured parking, and shows a May 28 "date on market," according to LoopNet.
Brokers and marketing materials present the tower as a mostly leased investment, roughly 97 percent occupied, which could appeal to buyers looking for cash flow near planned entertainment development. As reported by the Dallas Business Journal, the property is being marketed to both institutional and private investors.
Buyers See Proximity Payoff
Developers and investors have been closely tracking the Valley View site since the Mavericks executed option agreements to acquire roughly 104 acres for a new arena and entertainment district. That selection, along with the surrounding activity, has pushed nearby commercial properties, including office buildings like Hillcrest Tower, higher on the capital markets' radar, according to reporting from The Dallas Morning News.
Where The Market Stands
The Dallas-Fort Worth office market has recently shown signs of stabilizing, with leasing activity concentrating in higher-quality Class A assets. Market summaries cite positive net absorption and a flight-to-quality trend that could make a 97 percent occupied Class A suburban tower more attractive to buyers right now, per CRE MarketBeat.
Listing contacts in the marketing materials include brokers Kolby Dickerson and Grant Gomez with TXRE Properties, who are named on the property’s online brochure. That broker information, along with the building brochure, appears in the public marketing packet for Hillcrest Tower, according to the property’s listing on LoopNet.
No asking price has been publicly disclosed in the marketing materials or in coverage of the listing so far, and brokers did not include a price in the online marketing packet. The sale could attract interest from private equity and local investors hoping to capture upside from a major entertainment anchor next door, but terms and potential buyers have yet to be revealed, as reported by the Dallas Business Journal.
