"We are developing a multi-tenant strategy," Johnny Johnson, principal for Capstar Commercial in Dallas says about the former Alcatel Corp. asset bought for $9.7 million in late January by Buchanan Street Partners of Newport Beach, CA and Westmount Realty Capital LLC of Dallas. For previous story, click here.
Johnson tells GlobeSt.com that he's already courting "two or three" tenants who are in the market for upward of 150,000 sf. Until now, the 1000 Coit Rd. property wasn't on their radar screens, he says.
Johnson says the Alcatel building can be readily converted to multi-tenant use for a trio of users due to its design. The second floor is standing ready with 800 to 900 modular furniture systems.
Capstar was one of a half dozen leasing teams interviewed by the JV, which also hired the Dallas office of the Philadelphia-headquartered Binswanger Cos. to find a buyer. Johnson didn't discount the possibility that the property would be leased to several users and then marketed for sale to institutional buyers.
Capstar's plan is to deliver a "market-ready" building, according to Johnson. The two-building property will be cleaned up and decked out with new landscaping and signs. Buchanan's top man previously estimated that $10.7 million will be spent on renovations.
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