Wednesday, May 21, 2014

Buyer of the 377k SF 3500 Maple is Champion Partners (Bisnow)

Now that we know the mystery buyer of the 377k SF 3500 Maple is Champion Partners (in partnership with Building and Land Technology of Stamford, Conn.), what'll it do next? Rehab? Resell? Tap it and make maple syrup?
We’re told Champion and BLT plan to rehab the property and aggressively market it for occupancy. Champion’s Steve Modory declined to comment based on confidentiality agreements with the partner. This is the first acquisition in Dallas for BLT. (Westerns may need new dialogue: "We do take kindly to strangers in these parts.) The privately held real estate private equity, development, and property management firm has invested in, developed, owned, and managed more than 5M SF of commercial space and more than 10,000 residential units
A Dallas broker familiar with the property tells us the building has needed an infusion of capital. It has great floor plates, views, amenities, access, proximity to Katy Trail, and a good amount of vacancy to create future value. We're told that Transwestern will lease the property. Cassidy Turley has served as the leasing brokers. Showcase.com shows the building with 159k SF of space available.
The most recent appraisal from Dallas Central Appraisal District valued the property at $52M. We learned that Granite was the No. 2 bidder at the auction (which reportedly had about 100 real estate lawyers present). We were hard pressed to find anyone in town who remembers an auction with that many numbered paddles. 3500 Maple sold for an unbelievably high price ($64.2M) at more than $10M beyond the credit bid (debt, back payments, penalties, etc. owed), our source tells us.