An 18-story tower in downtown Dallas is back on the market following a 2024 foreclosure.
The nearly 185,000-square-foot building at 211 N. Ervay St. is being sold by Utah-based owner Thistle Creek Capital. The owner has retained real estate advisory firm Avison Young to act as advisor and broker for the sale.
The building has been listed without an asking price. The Dallas Central Appraisal District valued the tower at $12 million for tax purposes.
A limited liability corporation tied to Thistle Creek Capital took ownership of the tower for $8 million following a February 2024 foreclosure auction. The Utah firm was the lender for former owners Plano-based Wolfe Investments. Wolfe Investments was in default of roughly $14.5 million in loans, according to previous Dallas Morning News reporting.
D-FW Real Estate News
Avison Young principal Mike B. Kennedy, principal and head of U.S. investment sales James Nelson, principal U.S. investment sales Erik Edeen and senior vice president Sullivan Johnston are leading marketing efforts for property.
Zoning at the site allows for a wide range of uses including multifamily, hotel, hybrid hotel-apartments and office. A portion of the building’s ground level is long-term leased to 7-Eleven.
Avison Young touted potential development incentives in the listing, including Historic Tax Credits and Low-Income Housing Tax Credits.
The tower was originally constructed in 1958 as an office building and renovated in 2014.
“211 North Ervay represents exactly the kind of urban asset we believe in — great bones, irreplaceable location, and multiple paths to long-term value creation,“ Michael Christensen, partner at Thistle Creek Capital, said in a statement. ”With the Convention Center expansion and continued downtown revitalization, we believe the property is in position for transformative redevelopment.”
The office vacancy rate in Dallas-Fort Worth was 24.7% in the third quarter. Net absorption, the net change in leased office space, is on pace for its strongest year since the COVID-19 pandemic, according to a report from Cushman & Wakefield.