posted on June 13, 2011 01:16
A single-story, 73,349-square-foot industrial-flex building and 3.9 acre site in the Love Field sub-market has sold to Shreveport, La.-based Roundtree Automotive Group LLC for $5.5 million.
The buyer plans to raze the building at 2800 W. Mockingbird Lane near the intersection of Denton Drive to make way for construction of a new Chrysler, Dodge and Jeep dealership. It is expected to open in summer 2012.
"We expect our new dealership to benefit from its proximity to the Dallas neighborhoods of University Park, Highland Park and Preston Hollow," said Matthew Stinson, COO of Roundtree Automotive Group, which operates new car dealerships in Louisiana, Texas and Alabama.
The building, built in 1940, was originally purchased by Behringer Harvard Mid-Term Value Enhancement Fund I LP in March 2005. It has been empty since November.
The investment in the site has proven to be a strong operating property for several years and provided a positive return on investment throughout the recession, said Samuel Gillespie, chief operating officer of Behringer Harvard's opportunity investment platform.
6/3/11, Candace Carlisle, Dallas Business Journal