DFW Investor Buys West End Building in Evolving Neighborhood
North Texas Investor Has Eye on Redevelopment Options for 5-Story Parking Garage
An Irving-based investment group has acquired a five-story building in downtown Dallas' West End, with plans to continue operations as it evaluates redevelopment options.
The 137-space parking garage and 7,200-square-foot retail building at 711 Elm St. sits on about 10,000 square feet of land. Terms of the acquisition were undisclosed.
"The new owners are looking at it as a two-part strategy where they keep it as its operating use in terms of a parking garage, but they are also looking at ways to redevelop it and enhance the area of the West End," Matthew Rosenfeld, a vice president at Weitzman, told CoStar News.
Rosenfeld, Mike Allen and Kevin Butkus of Weitzman represented the seller, Sancap 711 Elm Partners LP, a Dallas-based limited partnership, in the deal.
According to the Dallas Central Appraisal District, the retail and parking building was last valued at $2.4 million.
Rosenfeld said the undisclosed buyer decided to acquire the property as North Texas developers invest in neighboring projects in the West End. Dallas-based Lincoln Property Co., Fort Worth-based Crescent Real Estate and Plano-based Granite Properties each have recently bought up properties in the neighborhood.
"The investors are seeing a value-add opportunity in the West End at a time where there's no value-add opportunity in Uptown or elsewhere," Rosenfeld said.
For more on this property, check out CoStar Comp #4204771.