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DALLAS-Westmount Realty Capital has broken its hold on several CBD buildings and has sold them to locally based 1600 Main Street Holdings LP. When the dust settled, five buildings totaling in excess of 72,000 square feet traded hands in an off-market transaction.

Westmont Realty executive officer Cliff Booth tells GlobeSt.com that the portfolio had been culled together between 1995 and 2005 for potential development opportunities. The vacant buildings were on the same street as the flagship Nieman-Marcus store, as well as filling in space around the historic Magnolia Hotel and the Joule Hotel.

While the location had its possibilities, the market wasn’t cooperating. When the economic crash came, “we clearly weren’t going to pursue any kind of major development in this environment,” Booth says.

Buyer and seller had a long-standing relationship, dating back to when the buyer, an affiliate of the Joule Hotel, acquired to other CBD from Westmount in 2003 and 2006. Booth says the ongoing relationship, as well as discussions between the two parties, eventually led to the deals being closed.

“Right now, the buyer will sit back and make sense of the long term,” Booth comments. “But I don’t think they know immediately what they’ll do.”

The buildings sold are the 11,450-square-foot 1417-19 Commerce St. which was built in 1932; the 8,400-square-foot 1503 Commerce St. and adjacent 1505 Commerce St., both of which were built in the early 1900s and 1511 Commerce St., a 15,000-square foot office building built in 1914. Also in the portfolio was the 47.724-square-foot 1604 Main St. built in 1914.

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