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JLL is pleased to present the opportunity to acquire One Bethany East in Allen, TX. The five-story Class A office building was constructed in 2018 and is connected to a 584-space, four-level structured parking garage. The property is located within the One Bethany at Watters Creek office park in the rapidly emerging Allen/McKinney submarket. It is 83% leased and will be sold based on a 95% leased building.
The seller is working several leases and will escrow funds (five years of cash flow and operating costs plus all leasing costs) to guarantee the buyer a 95% leased building the day of closing. The building currently has a weighted average lease term of 9.6 years. One Bethany East benefits from its superior location along Central Expressway (US-75), directly across from the recently-opened Allen Convention Center and the mixed-use Watters Creek at Montgomery Farms development.
- 120,170 SF Allen Class A office building built in 2018
- +/-26,000 sf floor plates
- 10’ floor to ceiling glass
- 18’ slab to slab clearance on floor 1
- 15’ slab to slab clearance on floors 2-5
- Superior on-site amenities including an exceptional tenant lounge, conference center and fitness center complete with luxury Men’s and Women’s locker rooms
- Exceptional access to Central Expressway US-75 and proximate to Sam Rayburn Tollway (SH-121)
- Diversified tenant roster with average remaining term of 9.6 years
- Apart of the One Bethany at Waters Creek office park comprising of three completed buildings (475k SF) with the ability to add two more totaling 1M square feet
- Short walking distance to the highly successful Watters Creek at Montgomery Farms mixed-use development offering numerous dining and retail options; located in the affluent community of Allen feeding into one of the top rated school districts in the state
- Directly adjacent to the recently opened, $91 million Watters Creek Convention Center and Delta Hotel by Marriott which includes Stephan Pyles’ acclaimed Stampede 66 restaurant
- Weighted average in-place rents starting at $24.19 NNN with most recent leases executed at $26.00 NNN