After entering bankruptcy proceedings last year, the owner of Uptown Tower, located just north of Downtown Dallas, is fielding three offers to purchase the property.
The 12-story office building at 4144 North Central Expy was built more than four decades ago in 1982. Once known as Amberton Tower, the 253,561-square-foot complex was purchased by its current owner, Whitestone Uptown Tower LLC, using a $16.45 million loan in 2013. The Houston-based investor still owes $14 million in outstanding debt on the loan.
Last year, The Dallas Express reported that the property owner cited stricter lending standards from financial institutions and elevated interest rates as the reason for the commercial loan default.
Uptown Tower is not alone. The metroplex also saw The Colonnade similarly flagged for its inability to cover its debt obligations.
On February 21, a hearing in the U.S. Bankruptcy Court for the Northern District of Texas revealed that three purchase offers had been delivered to the owner of Uptown Tower, the highest of which was a $26 million offer from Dallas-based real estate firm Dogwood Commercial.
According to Dallas County, the building is currently appraised at a slightly higher market value of $27.6 million, per The Dallas Morning News.
Amid the bankruptcy, the building’s owner is also transitioning to a new broker, moving from Marcus & Millichap to Weitzman, a real estate firm based in the city. The change, however, will not be permitted to occur until April 5, at the directive of Judge Michelle V. Larson.
Marcus & Millichap said the building’s current occupancy rate is just below 58%, according to DMN.
