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$ 6,200,000
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New
1180 W Pioneer Parkway Arlington, TX 76013
6.24 Acres Lot
UPDATED:
Key Details
Property Type Commercial
Sub Type Office
Listing Status Active
Purchase Type For Sale
Subdivision Pioneer Plaza
MLS Listing ID 21423950
Total Fin. Sqft 66000
Year Built 1981
Lot Size 6.238 Acres
Acres 6.238
Property Sub-Type Office
Property Description
Pioneer Plaza presents an opportunity to acquire a seven-building, single-story garden office park located at the hard corner of West Pioneer Parkway and South Davis Drive in Arlington, Texas. The property contains approximately 66,000 square feet across 6.238 acres and benefits from a diversified tenant roster of 44 tenants, providing income diversification and reduced exposure to any single occupant.
The asset has demonstrated durable operating performance, maintaining a 10-year average occupancy of 96.2% between 2017 and 2026, with occupancy consistently remaining at high levels through varying market conditions. The property's small-suite configuration has supported recurring tenant demand while helping minimize downtime between occupancies. Standardized suite layouts allow for efficient turnover and quicker lease-up following tenant transitions.
Pioneer Plaza offers a measurable value-add component through below-market in-place rents. According to the offering materials, approximately 36% of leases rolling between 2027 and 2029 are currently below market rental levels. As those leases renew, ownership has the opportunity to capture additional revenue through market-rate adjustments. Historical rental growth at the property further supports this potential, with weighted-average rental rates increasing over the past decade.
The property's modified net lease structure shifts responsibility for many day-to-day operating expenses to tenants, including interior maintenance, HVAC service, electricity, and proportional utility obligations. Landlord responsibilities are primarily limited to roof structure, landscaping, and parking areas, contributing to a more predictable operating profile. The offering also includes an additional 0.77-acre parcel zoned C-2, providing future expansion or build-to-suit development potential.
The asset has demonstrated durable operating performance, maintaining a 10-year average occupancy of 96.2% between 2017 and 2026, with occupancy consistently remaining at high levels through varying market conditions. The property's small-suite configuration has supported recurring tenant demand while helping minimize downtime between occupancies. Standardized suite layouts allow for efficient turnover and quicker lease-up following tenant transitions.
Pioneer Plaza offers a measurable value-add component through below-market in-place rents. According to the offering materials, approximately 36% of leases rolling between 2027 and 2029 are currently below market rental levels. As those leases renew, ownership has the opportunity to capture additional revenue through market-rate adjustments. Historical rental growth at the property further supports this potential, with weighted-average rental rates increasing over the past decade.
The property's modified net lease structure shifts responsibility for many day-to-day operating expenses to tenants, including interior maintenance, HVAC service, electricity, and proportional utility obligations. Landlord responsibilities are primarily limited to roof structure, landscaping, and parking areas, contributing to a more predictable operating profile. The offering also includes an additional 0.77-acre parcel zoned C-2, providing future expansion or build-to-suit development potential.
Location
State TX
County Tarrant
Zoning OFCLowRise (Office-Low Rise)
Direction Google Maps
Interior
Heating Other
Cooling Other
Flooring Carpet, Ceramic Tile, Laminate, Luxury Vinyl Plank
Heat Source Other
Exterior
Utilities Available Asphalt, City Sewer, City Water
Roof Type Other
Garage No
Building
Foundation Slab
Structure Type Rock/Stone,Siding
Others
Acceptable Financing 1031 Exchange, Cash, Conventional
Listing Terms 1031 Exchange, Cash, Conventional
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Listed by Justin Smith • TXRE Properties