DALLAS-The Bascom Group LLC has acquired The Davis Building, a 20-story, mixed-use property situated in downtown’s Main Street District. The property, which includes 183 loft-style apartment units, 52,235 feet of retail space and a 600-space parking garage, was purchased out of receivership for an undisclosed amount.
Built in 1926 as an office building, The Davis Building was converted in 2003 into a mixed-use project. Hamilton Properties spent about $35 million to transform the building, according to local experts. The Dallas-based investor was unable to refinance or restructure its existing $32.6-million CMBS loan, and the property was put into receivership with Omnium Management Co.
The property was marketed by Will Balthrope and Ryan Epstein of the Balthrope Group of Institutional Property Advisors, a Marcus & Millichap Co.
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