Summit Real Estate Group is pleased to announce the disposition of Prestonwood II 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 11,257 square feet, Prestonwood II represents the smaller of the two buildings and was 100% leased at the time of sale. AIGF II sold Prestonwood I in November 2021.
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.