The seller, Dirkin Properties of Dallas, spent about $600,000 to improve the 1718-26 N. First St. property after buying it in December 2003 from Verizon, David Rouble with Thomson Realty Group in Dallas tells GlobeSt.com. The extensive work lured Cheer Athletics and Ralph Segars & Associates to split the office/warehouse space on a short-term lease, embedding a purchase option into the terms and halting the marketing campaign, he says, adding the late February closing coincided with the lease expiration. Segars Properties LLC secured acquisition financing through Lehman Brothers' Dallas office.
The 37-year-old, two-building complex, assessed at $920,000 by Dallas County, sits on 9.9 acres. About 80% of the land is paved, Rouble says.
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