Dallas – April 12, 2016 – CBRE, in partnership with OMS Strategic Advisors, announces the exclusive marketing assignment for multiple assets on behalf of Dallas County.
Recognizing the overall strength of the market for urban infill assets, Dallas County continues its portfolio optimization efforts in order to improve customer and constituent service as well as working conditions for County staff.
The properties’ potential future uses are diverse. The individual assets include the following acquisition/redevelopment opportunities:
899 North Stemmons Freeway | ±200,000 square feet on ±3.275 acres (currently being marketed)
10056 Marsh Lane | ±35,000 square feet on ±1.5 acres (due diligence underway, summer 2016 marketing period)
516 Twilight Trail | ± 4,000 SF of improvements on ±1.1 acres (due diligence underway, summer 2016 marketing period)
The sites have a combination of zoning, allowing multiple uses, including office, multifamily and general commercial. Surveys, title research, and phase one reports on each asset will be available shortly and can be accessed by contacting the CBRE representatives below. Bid dates will be announced soon.
“We are thrilled to continue our relationship with the County and to expose these assets to the broadest pool of potential buyers/investors to ensure taxpayers receive maximum value for these properties,” said Peter Jansen with CBRE’s Public Institutions team.
The County was previously under contract in 2015 for the disposition of 899 Stemmons, but the purchaser’s investment parameters changed prior to the closing date and the asset did not change hands. CBRE is currently touring interested parties through this asset and is expected to announce a bid date in the near future.
County Judge Clay Jenkins noted, “The property at 899 Stemmons offers a tremendous opportunity for redevelopment in the hot Design District neighborhood.”
Dallas County engaged CBRE as its exclusive representative under Court Order 2013-1918 and renewed the contract in November 2015.
John Alvarado and Stan McClure, with CBRE’s Dallas office, and Peter Jansen, with CBRE’s Public Institutions and Education Solutions Group, are representing the sellers. CBRE is working in partnership with Lawrence Gardner of OMS Strategic Advisors.
About CBRE Group, Inc. CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 52,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 370 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.