When the search began, Rose Tree's owner, Michael Rose, pointed to 8220 Ambassador Row as the ideal property even though it wasn't on the market. "Over the last five years, we looked at a building every three or four months," says Jeff Mercer with the Robert Lynn Co. in Dallas, who along with Thomas Lynn, the firm's principal, represented Rose Tree, a supplier for the likes of Oscar de la Renta, Jane Seymour, Neiman Marcus and other major department stores in the US.
Lynn says they were up against several offers for the 38-year-old, single-story building, owned by the San Francisco-based Rreef since August 1994. Rose, buying as Ambassador Capital LLP, was "the safe choice," Lynn says of talks that lasted at least six months with Rreef's broker, Dave Anderson of CB Richard Ellis Inc. in Dallas.
Mercer and Lynn tell GlobeSt.com that Rose Tree intends to invest $2 per sf into upgrades for 8220 Ambassador Row, bought for significantly less than the $3-million asking price. Architects already are planning a multi-faceted retooling into headquarters, showroom, manufacturing and warehouse space. Though Dallas is the main portal, Rose Tree has showrooms in leading design districts like New York City.
With the new deed in hand, Mercer says Rose Tree will sell a 50,000-sf building at 7900 Ambassador Row and exit a 20,000-sf leased site at 1050 Metromedia Place. The move will take place in September.
The new location is assessed at $2.1 million by Dallas County. It was emptied about a year ago by Williamson Printing Co.
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