Investment Highlights
Prime Retail Location in Very Dense, Super-Regional Trade Area
• Galleria Plaza features 44,106 square feet of existing retail space and was built in 2002 (new roof added in 2019 with 20 year roof warranty).
• Positioned at the southeast corner of N. Dallas Tollway and Spring Valley Rd. with exceptional visibility and convenient access from both thoroughfares at a signalized intersection.
• More than 204,396 vehicles pass by the property each day and Galleria Plaza is located just north of N. Dallas Tollway and Interstate 635/LBJ Freeway (the busiest intersection in North Texas).
• Galleria Plaza is surrounded by more than 4 million square feet of retail and restaurant space in the immediate trade area including Dallas Galleria, North Texas’ largest mixed-use complex featuring 3.7 million square feet of commercial space which includes numerous office buildings, a 500-room
Westin hotel and 1.75 million square feet of retail/restaurant space. More than 50 hotels are located within a 5-mile radius of the property.
• Galleria Plaza is adjacent to the city of Addison which boasts over 12 million square feet of office space (Dallas/Ft. Worth’s largest office market), more than 200 restaurants and 16 luxury living communities (plus 1,353 apartment units under construction).
Rare, Significant Value-add Opportunity with Tremendous Upside and Densification Potential
• Galleria Plaza is being offered at a significant discount to replacement cost based on current costs to build comparable retail space in today’s market.
• 35,951 square feet of soon-to-be-vacant retail space can be backfilled to greatly enhance future cash flow while Jersey Mike’s and Lakeshore Learning’s existing leases more than cover full triple net operating expenses for the entire property.
• Galleria Plaza sits on 4.06 acres of land and is located within a Planned Development (PD 289) which allows for significant densification of the tract. Uses allowed under this PD include retail uses along with high-density office and hospitality uses with a maximum allowable height of 240 feet.
Affluent Demographic Profile with Robust Daytime Population and Employment Density
• Very strong average household incomes of $125,374 and $116,083 within a 3-mile radius and 5-miile radius, respectively.
• Projected annual average household income growth is 2.3%-2.9% for the 1-3-5 mile radii around Galleria Plaza indicating continued robust discretionary income available for consumer spending and consumption.
• Population densities are extremely compelling around Galleria Plaza including Daytime Population:
1-mile: 69,901
3-mile: 230,318
5-mile: 542,992
Unencumbered Asset
Galleria Plaza is being delivered to the marketplace free and clear of any existing debt thus allowing an investor to take advantage of today’s aggressive lending environment.
Site Plan
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Demographics
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