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GRAND PRAIRIE, TX-Taking down its second deed in the metroplex, a relatively new real estate firm with an eye on educational assets has paid close to $1.6 million in cash for the one-time 30,304-sf Texas Sports Hall of Fame. Since 1988, the building’s been an owner-occupied reservations center for Southwest Airlines.

The 401 Palace Pkwy. property will be getting about $1.5 million in a total overhaul, inside and out, says Matt Nine, president of Premier Realty Advisors, who represents the Fort Lauderdale, FL-based investment group that targets schools for its tenant base. Construction will start before the month ends. He estimates it will take until year’s end to complete the exterior makeover and ready the interior for tenant finish-out.

Douglas Carignan with Dallas-based Staubach Co. was the listing broker on the two-story building positioned on eight acres with 580 parking spaces and Interstate 30 visibility. Nine says the new look for the 21-year-old building, originally housing the Texas Sports Hall of Fame, is being crafted by Gus Coppock of IDC Management Inc. of Dallas.

“We intend for it to be a single tenant,” Nine tells GlobeSt.com. “Our first choice is educational even though we’re buying this spec, it really lends itself to that use.” He says the estimated rent will be in low teens, triple net.

In March, Nine bought a 38,302-sf, fully leased, office building at 2998-3010 Stemmons Frwy. with frontage along the Interstate 35E service road. The investment group is looking for buildings coast to coast and border to border in the 30,000-sf to 60,000-sf range.

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