Investors Purchase Plaza of Americas, Midtown Park
- Jan 09, 2012
The end of 2011 saw two important commercial transactions for the Dallas-Fort Worth area: the sales of Plaza of the Americas and the Midtown Park project.
Possibly the largest trade in the downtown area in 2011, Invesco Real Estate and M-M Properties’ purchase of the Plaza of the Americas was estimated at $100 million, according to the Dallas Morning News. The Plaza of the Americas, which was developed in 1980, is a 1.2 million-square-foot complex in the northeastern quadrant of Dallas’ central business district (CBD).
The property includes two 25-story office towers, a 13-story retail atrium that contains more than 140,000 square feet of retail and restaurants, and a 12-story parking garage.
Midtown Park was purchased by a partnership set up by Missouri investor Kroenke Group. The 80-acre project was initially planned to become an $800 million mixed-use development, reports Dallas Business Journal. Situated east of the North Central Expressway, it was to have included almost 4,000 apartments, 500,000 square feet of retail space and 1.3 million square feet of office space. The recession put a stop to the project even though there were millions in public and private financing invested in the development.
According to Youplusdallas.com, the purchasing group is currently evaluating the project. This is not the first property that Kroenke Group owns in North Dallas; it also owns the vacant northwest corner of the North Central Expressway and Walnut Hill Lane.
Photo credits: www.plazaofamericas.com