Monday, January 04, 2010

Spire Realty adds to its land holdings near the Arts District

Investor Spire Realty Group has bought almost two acres of land in downtown Dallas near the Arts District.

The property on Ross Avenue near Routh Street was acquired from lender Compass Bank. Terms of the sale were not disclosed.

The vacant tract, which also fronts San Jacinto Street, was previously owned by apartment developer JPI. JPI turned over the land to its lender, Compass Bank, when plans for an apartment complex on the property were canceled, real estate broker Lindsay Allen of Apartment Realty Advisors said Monday.

Spire Realty owns other land in the area and was eager to buy the tract, said Allen, who brokered the sale with John Bradley of Bradley & Bradley Realtors. “They closed the purchase in just 15 days,” she said.

The land is across the street from JPI’s Arts Apartments by Jefferson, which will open this summer.

Spire Realty Group already owns more than eight acres in the area between Ross and Bryan Street.

Dallas Morning News