66,000 SqFt
66,000 SqFt
Key Details
Property Type Commercial
Sub Type Office
Listing Status Active
Purchase Type For Sale
Square Footage 66,000 sqft
Subdivision Pioneer Plaza
MLS Listing ID 21423950
Construction Status Resale
HOA Y/N No
Year Built 1981
Lot Size 6.238 Acres
Acres 6.238
Property Sub-Type Office
Property Description
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
Community Curbs, Sidewalks
Zoning OFCLowRise (Office-Low Rise)
Direction Google Maps
Interior
Heating Other
Cooling Other
Flooring Carpet, Ceramic Tile, Laminate, Luxury Vinyl Plank
Inclusions Building Only
Fireplace No
Exterior
Parking Features Additional Parking, Parking Lot
Community Features Curbs, Sidewalks
Utilities Available Sewer Available, Water Available
Water Access Desc Public
Roof Type Other
Street Surface Asphalt
Road Frontage City Street
Private Pool No
Building
Story 1
Foundation Slab
Sewer Public Sewer
Water Public
Construction Status Resale
Others
Tax ID 02209098
Acceptable Financing Cash, Conventional, 1031 Exchange
Listing Terms Cash, Conventional, 1031 Exchange
Virtual Tour https://www.propertypanorama.com/instaview/ntreis/21423950
NEARBY SCHOOL & BUSINESS