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DALLAS-The largest value-add deal in the region has finally closed–the 1.3-million-sf Cityplace Center. Brandywine Realty Trust, inheriting the asset in the Prentiss Properties Inc. takeover, has passed the deed to Ashkenazy & Agus Ventures LLC for $125 million.

GlobeSt.com has confirmed with the Boca Raton, FL-based Agus that the deal’s done for the 2711 N. Haskell Ave. block, but all dealmakers say details need to come from president Jonathan Agus, who wasn’t available for comment prior to press time. On the Ashkenazy Acquisition Corp. front, Rick Greenberg, executive vice president of the New York City-based investment group, says he’s not aware of the acquisition, but “it’s a large company.” He previously told GlobeSt.com that the company had backed away from the table, which it had at one point but then returned.

An Agus Ventures team is in Dallas right now to weigh the redevelopment options for the 19-year-old high rise, which dipped to 60% occupancy this week when 7-Eleven Inc. finished its move to the Billingsley Co.’s One Arts Plaza in the Arts District. The sale included a nine-acre tract already entitled for multifamily development. The more immediate decision, though, will be whether to convert part of the Cityplace floors into condos. Ashkenazy & Agus has an affiliate, CondoMax USA, led by Michael Ashkenazy, so it’s a strong possibility that the market rumor will pan out.

Holliday Fenoglio Fowler LP brought the asset to market in fourth quarter 2006. As would be expected, Cityplace Center drew offers near and far just for the value-add opportunity that it presented for redevelopment into mixed-use. And given the buyer’s US portfolio, Cityplace Center is destined to play out that way too in a transition from office, conference center and a spattering of retail to a full-blown mixed-use condo development.

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