Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Braniff Hostess College Redevelopment, a 59, 925 square-foot building situated on 0.96 acres in the Oak Lawn neighborhood of Dallas, with prime frontage on Dallas North Tollway.
“This has been an exciting opportunity from a marketing standpoint,” said Joe Santelli. “Over the course of the listing period, we were able to procure multiple offers from several groups with different development ideas.
Santelli and Matthew Sheard had the exclusive listing to market the property on behalf of the seller, a Dallas developer. Davidson Bogel represented the buyer, Centurion American, the developer behind the Statler Remodel.
“A majority of the offers came from multifamily, hospitality and office development concepts, each of which required creativity to work around the parking limitations,” adds Santelli. “Ultimately, we believe we chose the best buyer with the vision to complete the project.”
“We are seeing an influx of investors, both locally and on a national scale, purchasing infill Dallas properties due to the strong fundamentals and increasing density,” said Sheard. “Investors are targeting properties like the Wycliff asset, to be strongly positioned to capitalize the rising market trends in the urban core of Dallas.”
Braniff Hostess College was constructed in 1968 for Braniff International Airways as a training center and dormitory for the airline’s flight attendants. The property was later converted into a retirement community known as Park Gate, where it remained in operation until 2015. The asset is located at 2801 Wycliff Avenue, Dallas.
About Marcus & Millichap (NYSE: MMI)
With nearly 2000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 9,472 transactions in 2018 with a value of approximately $46.4 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.
