The deal has been closely monitored by the market as seller Colonnade Properties of New York City, with a reputation as a long-term holder, negotiated the price for the 86%-occupied, mixed-use development at 2800 and 2828 Routh St. Steve Modory, Champion's chief investment officer, tells GlobeSt.com that the Uptown location is a perfect match for the buying fund's criteria: mixed-use projects in neighborhoods with a better-than-average stock of upscale amenities. "That defines Preston Center. That defines Uptown and that defines Addison Circle," Modory says of firm's focus on cream of the crop product.

The Dallas-based Champion closed the purchase with equity from the Champion Value Investors One, a private real estate equity investment fund, and a loan from the Dallas office of JPMorgan Chase. Besides Champion, the fund's largest investor to date is the Swift Property Co., a highly regarded entrepreneurial investment firm owned by Thomas E. Swift III.

Andrea Peskind in the Dallas office for Cushman & Wakefield of Texas Inc. represented Colonnade Properties in the negotiations. The Champion team was comprised of Jeff Swope, managing partner; Thomas Wiegand, partner in the Champion Equities Funds; and Michelle Wheeler, chief financial officer; and Modory, who's not discussing the winning price.

Built in 1985, the Quadrangle contains 129,000 sf of office space with another 24,000 sf of garden-style offices; 15,000 sf of retail; 16,000 sf of restaurants with established tenants, Ruggeri's and Dream Cafe and two more inbound, Eastwind and Baker Brothers; 11,000 sf for Theatre Three's two theaters; and a 28,625-sf parking garage. Champion's buy included 2.5 acres of developable land.

According to the Dallas Central Appraisal District, the 18-year-old Quadrangle's 2002 assessment hovers at $19.2 million for the six acres of office-retail with such Five Star names as Sotheby's. The owners of record since 1998 are Quadrangle Associates LP and Taylor Simpson Group, with offices at 1 Rockefeller Plaza.

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