Stonelake Capital buys property along Woodall Rogers Freeway
Big things sometimes come in little packages.
And in Dallas’ Uptown district, where properties sell for hundreds and hundreds of dollars per square foot, even a small sale is a big deal.
The property at 2121 Maple-Routh is occupied by a 3,244-square-foot Comerica Bank branch. But new owner Stonelake Capital Partners bought the property with plans for a future development, according to Matthew Rosenfeld with Weitzman who brokered the deal.
The little bank building is next door to the Federal Reserve Bank of Dallas.
“It’s right there at the gateway to Uptown,” Rosenfeld said. “And you know how precious land in Uptown is.”
Comerica still has more than five years left on its lease of the property.
“The new owner gets income on it while they get their development plans together,” Rosenfeld said. “It could be a future hotel, office building or high rise multifamily.”
Rosenfeld sold the property for TFO Realty LLC, which is headed by Dallas businesswoman Traci Owen. She had owned it since 2001.
The 0.8 acres between the Comerica Bank lot and Woodall Rodgers is owned by the city of Dallas and is being used for its Mill Creek Drainage Relief Tunnel project.
Rosenfeld said that after work on the big storm drain is finished, the land will remain vacant as a city easement.
Stonelake Capital owns multiple industrial properties throughout the Dallas-Fort Worth area. And it’s developing the Trinity Green mixed-use project on Singleton Boulevard in West Dallas.
Most of the recent land sales in Uptown have been over $300 per square foot, with some prime properties topping $400.
Terms of the Stonelake Capital purchase were not disclosed.