CBRE announces the sale of one of Dallas’s premier redevelopment sites. The former Cabana Motor Hotel, a 10-story, 357-room hotel is located at 899 Stemmons in the Dallas Design District.

Centurion American Development Group, which just completed the redevelopment of The Statler Hilton in downtown Dallas, purchased the property from Dallas County for $8.1 million. CBRE’s John Alvarado, Peter Jansen and Stan McClure , in partnership with OMS Strategic Advisors’ Lawrence Gardner, arranged the transaction on behalf of the seller.

“We are very proud to have assisted the County in returning a prime asset to the tax rolls and supported the County in its mission of stewardship” said Mr. Jansen, Southwest Regional Manager with CBRE’s Public Institutions and Education Solutions team.

Darryl Martin, County Administrator, noted, “We look forward to seeing this asset redeveloped and returned to its iconic status in the District. The County is very pleased to have recaptured a material amount of revenue that can be redeployed in to civic services.” 

Located on 3.3 acres, the property has over 700 feet of frontage along North Stemmons Freeway (I-35E) and offers unobstructed views of downtown Dallas and the Historic West End, Victory Park and Uptown, and the Margaret Hunt Hill Bridge. With immediate access to Stemmons Freeway and Woodall Rodgers Freeway, the property offers exceptional regional access and is less than six miles from Dallas Love Field Airport.

With a coveted Design District location, 899 Stemmons is convenient to the area’s art galleries, luxury apartments, boutique retail, and award-winning restaurants. As a unique redevelopment opportunity, the property will be a tremendous value-add to the district.

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.

 

When a group of investment partners closed on one of downtown Dallas’ skyscrapers about 18 months ago, they knew the building needed a massive transformation.

The 45-story, 1.1 million-square-foot office tower at 500 S. Akard St. was only 50 percent filled with tenants, and there were some key vacancies, including a 7,000-square-foot retail banking space anchoring the high-rise office tower, that needed to be filled.

That led Bandera Ventures, in a partnership with Vancouver-based real estate firm Second City Real Estate and Austin-based HPI, to spend nearly $20 million upgrading the building’s curbside appeal, modernizing all of the elevators and bringing in two new chillers, said Chuck Anderson, founder of Bandera Ventures.

Click to read more at Dallas Business Journal.

Once abandoned and forgotten, a former factory building from the 1930s is undergoing a transformation that will bring coworking offices, lofts and a coffee shop to the Dallas Farmers Market neighborhood.

The development is also getting help from a new solar system to bring power to the project. The 60,000-square-foot building at 1808 S. Good Latimer Expressway will get a $300,000, 454-panel solar system to provide about 45.8 percent of its power needs.

Click to read more at Dallas Business Journal. 

Hillwood Communities, a division of Ross Perot Jr.‘s Hillwood, has closed on its largest residential development yet — a 1,157-acre tract near Interstate 35W and FM 407 in Northlake that will bring more than 3,000 homes to North Texas.

The $1.5 billion mixed-use, master-planned community, called Pecan Square, is slated to get underway next spring, with the initial phase bringing 609 home lots to the region.

The houses will be priced from $270,000 to the $500,000s upon completion, depending on lot and home sizes. Pecan Square will also include commercial real estate uses in the future.

Click to read more at Dallas Business Journal. 

When two of Granite Properties Inc.’s top leaders — Chief Investment Officer Bill Brown and President and COO Greg Fuller — began walking the newly finished floors inside the 104-year-old brick-and-timber building in the West End, they had to remind themselves they were in Dallas.

“I can’t think of any other office project in Dallas or Texas that has this feel,” Brown told the Dallas Business Journal. “This is like a building you’d find in New York or San Francisco or Boston. It’s got a really cool urban-city vibe that is really unique.”

Click to read more at Dallas Business Journal.