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Katy Railroad Building Hits Sales Block

DALLAS-Built in 1914, the Katy Railroad Building is one of the oldest office structures in the CBD. The Las Vegas owners have a portfolio up for grabs to execute a market exit.

By Connie Gore | Updated on June 17, 2008

DALLAS-A Las Vegas-based partnership, readying the stage for a market exit, is putting the CBD’s historic Katy Railroad Building up for sale in a three-property portfolio. Tagged at $15 million, the value-add package includes Park Plaza and Colony Park shopping center.

The 57,500-sf Katy Building at 701 Commerce St. was built in 1914 on a 7,500-sf tract, making it one of the oldest office buildings still standing in the Downtown. The preference is a take all or none scenario although severing the retail from the two office buildings remains an option, says Sary Benzvi, owner of Select Real Estate Group in Dallas.

Benzvi tells GlobeSt.com that the sales pitch will begin in two weeks, with the call for offers in 60 days. His says his plan is to target predominately local private investors who are familiar with the locations and value-add prospects for the separate submarkets. The 120,000-sf Park Plaza sits at 13111 N. Central Expressway on a 1.6-acre corner at a freeway ramp and kitty-corner from a proposed medical office complex. The 54,000-sf shopping center is situated on 0.8 acres at 5000 Main St. in the Colony, north of Dallas.

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