DALLAS–CBRE Capital Markets’ Investment Properties has brokered the sale of a vacant, 24,000-square-foot office building in Dallas.
Avial Hotels, a subsidiary of Blue Star Hospitality, purchased the building from Decker Development for an undisclosed price, and plans to redevelop the site for a national-brand hotel.
David Glasscock, with CBRE’s Dallas office, represented the seller and Ryan Patterson, with Texas Hotel Brokers, represented the buyer.
“There was competitive interest from the hospitality development community,” Glasscock told GlobeSt.com. “It became apparent several hotel flags were looking for a site on North Central Expressway. After a structured bid process, the seller weighed the experience of the operator and the timing to close the transaction in determining the winning bidder.”
The building is located at 10111 North Central Expressway between Walnut Hill Lane and Meadow Road. It formerly housed the CBS affiliate KTVT, which moved to a new location in mid-2013. Nearby amenities include Texas Health Presbyterian Hospital, Medical City and the Carrell Clinic, as well as the mixed-use development Preston Hollow Village.
“We marketed the property to both adaptive reuse investors and potential hospitality users, as the zoning would accommodate hotel development,” says Glasscock.
According to CBRE’s Q2 U.S. Hotel MarketView, hotel occupancy in Dallas reached 69.2 percent at the end of the second quarter of 2015. Dallas is also one of the top 10 leading metros for hotel acquisitions in the first half of 2015, according to the report.