Summit Real Estate Group is pleased to announce the disposition of Prestonwood I at its Prestonwood Court portfolio in Dallas, TX. Prestonwood Court is a 50,925 square foot, two-building multi-tenant retail portfolio acquired Q1 2017 on behalf of Summit’s Arrowrock Income & Growth Fund II (AIGF II). At 39,668 square feet, Prestonwood I represents the larger of the two buildings. Prestonwood II, representing 11,257 square feet, is 100% leased and is targeted for disposition in 2022.
Acquired at a substantial discount to replacement cost, Summit’s value-add business plan for Prestonwood Court had called for leasing vacancy as well as interior and exterior improvements. Prestonwood Court tenants benefit from the site’s suburban infill location with visibility and immediate access to Dallas North Tollway.