Wednesday, February 29, 2012
Plaza of the Americas Sold
Real Estate Editor
Two investors have teamed up to buy downtown Dallas’ first major mixed-use development, the Plaza of the Americas.
M-M Properties and Dallas-based Invesco Real Estate bought the Pearl Street complex Thursday.
The sale, estimated to total close to $100 million, is the largest such transaction in downtown this year.
The purchase includes two 25-story office towers, a 13-story retail atrium and a 12-story parking garage located just a block from downtown’s Arts District.
“This is another great step forward for downtown in that the purchaser brings fresh blood, a new attitude and investment capital to enhance the asset,” said John Crawford, CEO of the economic development group Downtown Dallas Inc.
“Moreover, this is another indication of how downtown is being perceived as an investment opportunity and the success of downtown revitalization efforts,” Crawford said.
M-M Properties, which owns office buildings in Houston, joined with one of Invesco’s institutional clients to acquire the buildings. Equity Office had owned the properties since 2004.
“We believe Dallas’ central business district is turning the corner with the recent additions to the Arts District and the soon-to-be-completed Woodall Rodgers Deck Park,” said Ken Moczulski, CEO of M-M Properties.
Built in 1980, the 1.2 million-square-foot Plaza of the Americas includes a Marriott Hotel, which was not included in Thursday’s transaction.
The retail atrium, with its central ice skating rink, is one of the most popular restaurant and retail centers in downtown Dallas.
Peloton Commercial Real Estate was hired as the leasing agent for the properties.
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