Really Gotta Get Into Real Estate
This afternoon, Behringer Harvard, a commercial real estate company headquartered on Dallas Parkway, issued a press release announcing it sold a five-story office building located at 1909 Woodall Rodgers Freeway "in the dynamic Uptown submarket of Dallas." Only it didn't say to whom or for how much--or mention the fact that the transaction actually took place July 24. That bit of info comes from its filings yesterday with the Security and Exchange Commission--in which Behringer Harvard revealed that the property, which sits on some 1.7 acres and contains some 74,000 square feet of rentable space. According to the SEC filings:
"We expect to realize an estimated gain of approximately $3,000,000...from the sale of the Woodall Rodgers Property during the quarter ending September 30, 2006. We acquired the Woodall Rodgers Property and an adjoining 1.6 acres (unaudited) of undeveloped land (the 'Woodall Rodgers Development Property') on February 11, 2004, for a total purchase price of $10,700,000. We sold the Woodall Rodgers Development Property on April 6, 2005, for a contract sale price of $4,194,828 and recognized a gain of approximately $1,096,000."
And where, exactly, is this plot of valuable land? Says the release:
"[It's] located in the fashionable Uptown district just north of the central business district (CBD), the property is adjacent to the area slated for construction of Woodall Rodgers Park, a five-acre urban green space that will connect Uptown, the Dallas CBD and the Arts District."
Yeah, that's a good patch to own. --Robert Wilonsky