Well-Known Attorney Wins Legal Wrestle for Historical Structure

A year has been spent on working the bankruptcy court-ordered sale of the 1.4-acre holding at 400 S. Central Expressway. Jack Gosnell, executive vice president of UCR Urban in Dallas, tells GlobeSt.com that the asset, court-tagged with a $3.8-million ask, lingered on the books because the bankruptcy proceeding involved only one partner, setting up the other one to challenge a succession of offers in the year since the property's auction. The fourth in line--Attorney Brian Loncar--withstood the challenge for the Farmers Market neighbor in the heart of the downtown.

The buyer of record is Tourmaline Partners Properties, but it's Loncar, who touts himself as the "Strong Arm," that will be retooling the 1900s-vintage building into law offices. The sellers are Wheel Factory Partners and SMA Properties LLC, which leases space in the building. Stephen Rury of Gifford Touchstone & Co. in Dallas represented Loncar.

Gosnell, who steered the sale for the bankruptcy court, says the attorney has extended four tenants' leases, representing about 25% of the building, for one year. Meanwhile, Loncar, who has his law offices at 10440 N. Central Expressway, will begin laying the groundwork for a retooling, Gosnell says."It's a labor of love," he stresses, "and there's no clear idea of what he wants to do." About 75% of the structure is in gutted condition, according to Gosnell, predicting about $150 per sf will be needed to ready the space for a 2006 occupancy.

The building is a designated historical landmark by the City of Dallas. It was built in the early 1900s for Olive & Meyers Co., a manufacturer of wheels.