DALLAS — Dallas-based Westmount Realty Capital has disposed of an assemblage of five commercial buildings located in downtown Dallas. The properties include:
• 1417-1419 Commerce Street, an 11,450-square-foot former restaurant built 1932;
• 1503 Commerce Street, an 8,400-square-foot former restaurant;
• 1505 Commerce Street, an office building built in 1900;
• 1511 Commerce Street, a 15,000-square-foot former retail and office building that was built in 1928 and carries historic designation; and
• 1604 Main Street, an eight-story, 47,724-square-foot former retail and office building built in 1914.
All of the buildings were originally purchased by Westmount between 1995 and 2005. The buyer in the transaction was 1600 Main Street Holdings LP, an affiliate of the Joule Hotel, which is located at 1530 Main St. The Joule purchased its current hotel building, as well as the building located at 1524 Main St., from Westmount in 2003 and 2006. The 1524 Main Street building now houses the Charlie Palmer Restaurant.
“In our view, we had assembled these buildings and the ones we had previously sold [on Commerce Street] because of the important location of this block in the context of downtown Dallas,” says Cliff Booth, president of Westmount Realty Capital.
The four Commerce Street buildings involved in the transaction and the two previously purchased buildings comprise all of the buildings on Commerce Street between Neiman Marcus’ flagship store and the Magnolia Hotel. The Main Street building is situated between Neiman Marcus and the Joule Hotel. This area is seeing much in the way of redevelopment and new construction activity, and Westmount itself had considered redeveloping the assemblage at one time before electing to sell.
Attempts to contact the buyer were not returned as of press time.
— Coleman Wood