Downtown Dallas’ Landmark Interurban Building Sold at Foreclosure
Written by: Steve Brown, Real Estate Editor, firstname.lastname@example.org; published July 19, 2011
Downtown Dallas’ historic Interurban Building — a former rail station and office building turned into apartments and retail — has been acquired out of foreclosure by a California investor.
An affiliate of Bridge Partners paid $11.5 million at this month’s Dallas County foreclosure auction to buy the nine-story building at 1500 Jackson St.
The 95-year-old red brick building was converted to 118 loft apartments and ground-floor restaurant and retail space in 2005. The building is home to downtown’s only grocer.
It was built as a hub for North Texas’ electric railway system and for a time served as a bus station with offices on the upper floors.
The property sat vacant for many years before developers renovated it.
Lender Keycorp Capital posted the building for foreclosure in June after the real estate partnership that owned it, Dallas Interurban Ltd., defaulted on an $18.164 million loan.
Bridge-National Partners LP was the successful bidder for the property.
Bridge Partners was formed in Walnut Creek, Calif., in 1990 and has invested in more than 100 apartment and hotel properties in 16 states. The private company focuses on renovating and repositioning problem properties.
The Interurban Building is the third downtown loft apartment project to go through a distress sale recently.
Last year, Prudential Insurance Co. foreclosed on downtown’s largest loft apartment project, the 440-unit Mosaic on Akard Street. And earlier this year, lenders ordered the sale of the historic Davis Building apartments on Main Street after the owners were not able to line up new financing.