CBRE announces the sale of one of Dallas’s premier redevelopment sites. The former Cabana Motor Hotel, a 10-story, 357-room hotel is located at 899 Stemmons in the Dallas Design District.
Centurion American Development Group, which just completed the redevelopment of The Statler Hilton in downtown Dallas, purchased the property from Dallas County for $8.1 million. CBRE’s John Alvarado, Peter Jansen and Stan McClure , in partnership with OMS Strategic Advisors’ Lawrence Gardner, arranged the transaction on behalf of the seller.
“We are very proud to have assisted the County in returning a prime asset to the tax rolls and supported the County in its mission of stewardship” said Mr. Jansen, Southwest Regional Manager with CBRE’s Public Institutions and Education Solutions team.
Darryl Martin, County Administrator, noted, “We look forward to seeing this asset redeveloped and returned to its iconic status in the District. The County is very pleased to have recaptured a material amount of revenue that can be redeployed in to civic services.”
Located on 3.3 acres, the property has over 700 feet of frontage along North Stemmons Freeway (I-35E) and offers unobstructed views of downtown Dallas and the Historic West End, Victory Park and Uptown, and the Margaret Hunt Hill Bridge. With immediate access to Stemmons Freeway and Woodall Rodgers Freeway, the property offers exceptional regional access and is less than six miles from Dallas Love Field Airport.
With a coveted Design District location, 899 Stemmons is convenient to the area’s art galleries, luxury apartments, boutique retail, and award-winning restaurants. As a unique redevelopment opportunity, the property will be a tremendous value-add to the district.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.