Wednesday, March 25, 2009

Small Uptown building sold

A small Uptown building in a prime location has changed hands.

The former Pillsbury and Peters Fine Art building at Cedar Springs Road and Fairmount Street was bought by a real estate partnership.

The 10,000-square-foot property is just two blocks from the Crescent complex. It housed a retail location for Bifano Furs before it became an art gallery.

Gategreen Partners LLC, a real estate investment partnership set up by Dallas' Thompson family, bought the building. The Thompsons founded the 7-Eleven chain.

Real estate broker Newt Walker, who sold the property, said the new owners plan to put their offices in the building.

"Before the crash, we had it under contract for a midrise residential building," Walker said. "The final sales price was substantially less than it would have been a year ago."

Walker, who negotiated the building sale with broker Rick Jones, wouldn't disclose the price. The property is on the tax rolls for less than $2 million.

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By STEVE BROWN / The Dallas Morning News