Wednesday, July 16, 2008

Balcones Selling Largest Dallas Assemblage in Decades

Site Includes 37 Acres in Heart of City

Balcones Realty has put together one of the largest contiguous assemblages of fully entitled land in decades within the loop in Dallas. From September of last year to January, Balcones purchased 10 tracts of land northwest of downtown that total 37 acres. The assemblage is located near Love Field, Southwestern Medical District and the affluent Park Cities neighborhoods, as well as Oaklawn/Uptown and downtown Dallas.

The site has more than 180,000 square feet of industrial space, which will have to be torn down by a new owner. Balcones received necessary approvals from the city of Dallas, and is currently fully entitled from an environmental and land use perspective.

Balcones would not reveal how much it paid for the property. However, The Falcon Cos., which is representing Balcones in the sale, has the property listed for $27 per square foot, for a total listing price of $43.5 million. Even before Falcon began to openly market this property for sale on CoStar.com, Balcones was receiving offers for this property. Currently, negotiations are being conducted with several developers, but as of the date of this story nothing has been finalized.

Balcones Realty Partners is the retail development arm of Golden Boy Partners, started by the former welterweight champion Oscar De La Hoya. Golden Boy Partners specializes in urban infill mixed-use and residential developments. It employs a comprehensive approach to real estate development that encompasses substantial community outreach, careful interaction with city staff, and on-going discourse with civic leaders and elected officials. Balcones is focused on providing development opportunities to retailers in urban underserved markets where the barriers to entry are high.

The Falcon Cos., headquartered in Dallas, provides comprehensive commercial retail real estate services including brokerage, tenant representation, site selection, surplus property disposition, acquisition and redevelopment build-to-suit services and landlord representation.