Friday, September 04, 2009

2-building office complex on Turtle Creek in Dallas is purchased

The CEO of a local homebuilding company has purchased a two-building office complex on Turtle Creek in Dallas with plans to hold the property for a future residential high-rise project.

Randall Van Wolfswinkel, CEO of First Texas Homes, bought the former Republic Insurance buildings at 2727 Turtle Creek Blvd. from an affiliate of Trammell Crow Residential. Crow Residential had owned the 5.5-acre property since 2005 and had designed two residential towers for it.

But the recession and housing downturn put an end to those plans.

"I've always liked that property and thought it was a primo site," Van Wolfswinkel said. "It has great views and is next to the Mansion on Turtle Creek.

"We think Dallas needs a high-end luxury residential building on that property – but not right now, of course."

Terms of the purchase were not disclosed, but Van Wolfswinkel said, "We got it at a price we thought was a very good buy."

The property is valued for tax purposes at $13.8 million.

The two office buildings, which are still partly occupied, were constructed in 1956 and 1977 and contain more than 200,000 square feet. There's also an adjoining parking garage.

Real estate broker Newt Walker negotiated the sale.

"I sold it to Trammell Crow Residential three years ago, and they decided they wanted to get out of the property," he said. - Steve Brown/DMN