Monday, August 27, 2012
McKinney Avenue buildings sold
A complex of six retail and commercial buildings in Dallas’ Knox Street business district has been sold out of receivership.
The buildings are on McKinney Avenue, North Central Expressway and Armstrong Avenue and contain about 37,000 square feet.
The buildings, which are 95 percent occupied, were purchased by Knox Promenade LLC, a group of local investors, said Doug Archer, the court-appointed receiver who oversaw the sale. Terms of the transaction were not disclosed.
“We put it on the market for $12.5 million, and there was a ton of interest in it,” said Archer, chief financial officer of Dallas’ P. O’B Montgomery & Co. “I’ve done about eight of these receiverships, and this one was a great success story.
“The property generated in excess of a dozen credible offers.”
Archer was appointed as receiver of the properties in mid-2011 after the previous owner ran into financial and debt problems. At the time, the complex was less than half leased.
Tenants in the project include Knox Street Pub, Enterprise Rental Car, Sushi on McKinney, Roti Grill, Potbelly, Green Lotus Spa, the UPS Store, TKO Nutrition, Pie Five, Salons of Dallas and Modia Home Entertainment.
The buildings were constructed or remodeled in 2004.
Along with P. O’B Montgomery & Co. as property manager, John Bowles Co. and Byrne Co. also worked on leasing and sale of the buildings.