January 9, 2017
The Bascom Group of California sold the 183-unit Davis Building in downtown Dallas to a local partnership. The transaction included more than 50,000 square feet of retail space, and an attached, 12-story, 587-space parking garage. Institutional Property Advisors’ Will Balthrope, Drew Kile and Joey Tumminello represented the seller. Sales terms for the property at 1309 Main St. were undisclosed, with the Dallas Central Appraisal District assessing it at $24.4 million.
The Davis Building delivered in 1926 as the headquarters for Republic National Bank, and was the second-tallest building in Dallas at the time. Beginning in the 1970s, the building hit hard times, with real help not forthcoming until 1997, when Hamilton Properties acquired it, and began renovating the interior into apartments. The rehabilitation was completed by 2003, making it one of the first landmark Main Street buildings to be successfully redeveloped.
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