Tuesday, July 29, 2008

American National Bank of Texas plans Oak Lawn facility

An Oak Lawn tract has changed hands with plans for a banking facility.

American National Bank of Texas – which now has a location on Turtle Creek near Fairmount Street – bought the almost 1-acre parking lot at Oak Lawn Avenue and Brown Street.

American National intends to relocate its operations from the former Republic Insurance complex when it completes the new facility, said real estate broker David Glasscock with Colliers International.

Mr. Glasscock and Collier’s Schilling negotiated the sale, which closed at the end of last week.

“There were multiple zoning issues with this property that made it a unique transaction,” Mr. Glasscock said.

Both the parking lot and a nearby commercial building at Oak Lawn and Congress Avenue were put up for sale by a religious group, SGI-USA.

Colliers is still hunting a buyer for the four-story building and another adjoining parking lot.

“We are really selling it as a redevelopment site,” said Mr. Schilling.