DALLAS-A 1970s-era service station on a 30,000-sf tract in a key North Dallas pocket has a date with the wrecking ball as a result of an off-market transaction between a Houston-based buyer and seller. The replacement plan will bring an 8,625-sf, multi-tenant structure.
Jim Wallace, principal of Wallace/Halpin LLC, tells GlobeSt.com that the station, with an attached car wash, at 5631 LBJ Freeway will be razed this week and the site prepped for immediate construction of a Verizon Wireless-anchored retail building. The multi-tenant building, being pre-leased by Lynn Dowdle of Dallas-based Staubach Co., is scheduled to open in the second quarter.
Wallace acquired the asset from Motiva Enterprises Inc., an affiliate of Shell Oil Co. that's been actively selling assets in Dallas/Fort Worth and Houston for a year. The service station closed Dec. 21, 2004, as the trade moved toward the closing table. Wallace says the firm's ability to close the deal on an all-cash basis in less than 30 days was the deal-maker for the off-market coup for land positioned at the LBJ Freeway exit and tucked between the Galleria and Valley View malls. "That's part of our strong suit," he says, "is we have the ability to close deals quickly."
Motiva Enterprises acquired the holding, assessed at $967,310 by Dallas Central Appraisal District, in October 1998. Naveen Jaggi with Grubb & Ellis Co.'s Houston office brokered the sale.
With the deal done, Wallace says he will be closing in the coming weeks on a third site in Dallas/Fort Worth. The retail developer began a concerted push in North Texas late last year, scouting for high-traffic corners that are prime redevelopment candidates.
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