Steve Brown- Dallas News
Friday, June 06, 2014
Dallas and New England investors partner to buy Maple Avenue office tower at foreclosure
A New England-based real estate investor teamed up with Dallas’ Champion Partners to buy an Oak Lawn office tower.
Building Land and Technology of Stamford, Conn. and Champion acquired the 3500 Maple tower in a foreclosure auction.
The 18-story, 376,000-square-foot high rise next to Reverchon Park was sold at foreclosure by lenders represented by U.S. National Bank Association. The building had been facing foreclosure since 2012.
The reflective glass office tower sold for $64.2 million – about $10 million more than the debt on the building.
It’s rare for a property to sell for more than is owed at foreclosure auction.
More than a half dozen outside buyers competed with the lender to purchase the building Tuesday on the Dallas County Courthouse steps.
Officials with Dallas-based Champion Partners on Wednesday confirmed the acquisition of the building but declined to discuss details of the transaction.
Real estate brokers say that the high-rise – one of the largest in Oak Lawn – is about 60 percent leased.
The 29-year-old building was acquired in 2005 by a tenant in common investment group that later defaulted on the debt.
Building Land and Technology is a 32-year-old, private investment firm whose holdings include both commercial and residential real estate. The 3500 Maple building is the company’s first large purchase in North Texas.
Champion Partners is 23-year-old Dallas real estate firm that has developed properties and made opportunistic acquisitions. The firm in recent years has purchased office buildings in Richardson’s Telecom Corridor and in North Dallas.