DALLAS—Downtown's Thanksgiving Tower was sold Tuesday in a foreclosure auction. The Dallas Morning News Reported that the sale price was $60 million, but tax valuation had been reported at $65.7 million.
The 50-story tower at 1601 Elm St. was owned by Younan Properties, a California commercial real estate investment company. Younan bought the property, which has 1.4 million square feet of space, in 2007. Berkadia Commercial Mortgage made the foreclosure filing on the tower last month, claiming that the owners defaulted on $84 million in debt, the paper said.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
