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DALLAS-A distressed asset valued at $8.5 million and with a total square footage of 137,738 square feet has come to market in the West End historical district. West End Square, ranging in age from 84 years old to more than 100 years old, consists of a little retail, some more office, and a lot of parking.

The two-building property situated on more than three-quarters of an acre at Elm and Austin Streets near the CBD is the first assignment for the just-launched Falcon Asset Services, an arm of Falcon Cos. that was developed to help work with banks in possession of distressed assets. The bank with ownership of West End Square is Park Cities Bank.

Falcon Asset Services vice president Linda Zimmerman tells Globest.com that the former owner of the property was trying to renovate the buildings, but ran out of money. That was when Park Cities Bank stepped in and foreclosed on it, she adds.

As of now, West End Square consists of approximately 86,681 square feet of rentable space as well as 49,077 square feet of covered parking. The asset is also next to a Dallas Area Rapid Transit light rail line.

Zimmerman says there are a variety of uses available for the buildings, as zoning is pretty flexible. “It could be office, multifamily, retail or anything else,” she says. “The former owner did repave outside one of the buildings, so it could be conducive to putting an outside café to a restaurant out front.” Right now, she says, there is a small amount of retail that is taking less than 6,000 square feet. “The ideal buyer would be someone who knows something about renovation of old, historical buildings,” she notes.

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