DALLAS – Institutional Property Advisors (IPA), a division of Marcus & Millichap specializing in serving institutional and major private real estate investors, is pleased to announce the sale of The Davis Building, a historic mixed-use high-rise asset in downtown Dallas.
“The Davis Building is a one-of- a-kind, high-rise apartment building with ground- level commercial space, a large parking garage and a storied history,” says Will Balthrope, IPA executive director. “Built in 1926 for Republic National Bank, the building was renovated in 2003 to create some of the most unique living spaces in Dallas.” Balthrope, along with IPA senior director Drew Kile and IPA associate Joey Tumminello, represented the seller, The Bascom Group and procured the buyer, Davis 1309 Main, LLC.
“A downtown landmark for many years, the property still features many beautiful original design elements and architectural features,” adds Kile. “There is significant opportunity for the new owner to make improvements throughout the property and benefit from the extraordinary renaissance occurring in downtown Dallas.”
The building, which fills almost an entire city block, is located on the corner of Main Street and Field Street in Dallas at 1309 Main St. amidst many of the city’s tallest skyscrapers and historic buildings. A Dallas Area Rapid Transit (DART) light-rail station is one block north of the property and the Dallas Medical District is nearby.
The Davis Building features 183 luxury loft-style residential units, more than 50,000 square feet of street-level and tunnel retail space, and an attached 12-story, 587-space parking garage that includes both restricted access spaces for residents and open public parking. The property has an extensive list of luxury amenities and desirable unit features, including skyline views, a rooftop pool and garden, historic terrazzo flooring, plaster and brick walls, 12-foot to 20-foot structural concrete ceilings with exposed ductwork, granite countertops, and designer lighting.