14671 – 14683 MIDWAY RD., ADDISON, TX 75001
Class B garden style office building in an excellent location
- Caters to small & midsize tenants
- Close to the North Dallas Tollway, numerous restaurants and entertainment venues
- Excellent value in one of the most vibrant submarkets in Texas
Dominus Commercial, Inc was assigned the leasing of this project in September of 2012. We provided the current owner valuable insight into the market and detailed our leasing strategy which allowed him to place an appropriate value on the property. The previous owner allowed deferred maintenance to accumulate. This coupled with off-site, non-responsive marketing resulted in the occupancy drop to 32%. Our leasing team worked together to overcome these obstacles and the property is currently at 71% leased. We expect the building will be over 80% leased by the end of 2014.
In 18 months we’ve achieved the following:
- Leased over 34% of the building
- Completed renovations in the common areas as well as tackling all of the deferred maintenance issues
- Retained over 90% of the rolling leases.
- Increased rental rates by an average of $1.50. Increased quoted rates by over $2.50
- Current tenants are seeking to expand within the building as opposed to seeking larger spaces elsewhere
- Existing tenants now refer business to the building, noting the
increase in the quality of management, operating efficiency and quality of ownership