Wednesday, October 29, 2014

Dallas real estate investor buys Turtle Creek building; plans massive renovation

3131 Turtle Creek Blvd copyA Dallas-based real estate investment firm has bought a Turtle Creek office building, with plans to spend a significant amount of capital renovating the property.

Cardinal Capital Partners Inc. has acquired 3131 Turtle Creek Blvd. at the intersection of Turtle Creek and Cedar Springs Road near Uptown and Highland Park.
"3131 Turtle Creek is one of the premier office locations in Uptown that has gone somewhat unnoticed during the past cycle," Cardinal President Gil Besing said in a statement. "The building has a timeless mid-century design and we intend to introduce modern elements while preserving the classical aesthetic of the building."
The property, developed by J.L. Williams, has only had one owner in the past three decades, which helped make it attractive to the new investment group.

Plans for the redevelopment include renovations to the lobby, adding monument signage, new landscaping, and heating and air-conditioning upgrades, enhanced elevator systems and modifications to the exterior.

Cardinal has hired Dallas-based Staffelbach for the design and development of the project.

Lincoln Property Co. has been named the leasing agent for the property. PHI Property Management Inc. was selected to manage the property.
Staff Writer-Dallas Business Journal