Uplift Education buys Deep Ellum building for Dallas charter school
Monday March 19, 2012
Dallas Morning news – by Steve Brown
The building at 2625 Elm St. has housed a warehouse, nightclub and office space and now will be a school.
A Deep Ellum building that started life as a manufacturing complex, then housed a nightclub and offices, has just been purchased for a school.
Real estate broker Hudson Peters Commercial LLC spent more than a year seeking a buyer for the two-story brick building at 2625 Elm St. just east of downtown Dallas.
After a zoning challenge and meetings with neighborhood groups, charter school Uplift Education has finally completed its purchase of the property, according to Hudson Peter’s vice president Cincha Kostman.
“We showed it to a lot of people,” Kostman said Monday. “We had law firms and advertising companies look at it.
“We had one potential buyer look at it for a boutique hotel,” she said. “We think the planned school will be a great use for the building and for the entire neighborhood.”
The city of Dallas recently approved the charter school’s use of the 85,000-square-foot building after reassuring Deep Ellum property owners and businesses that were concerned about locating the educational facility there.
The building was most recently used by Baylor Healthcare System, which acquired the old warehouse in 1988 and remodeled it for general office use.
“It was built in the mid-1920s and was originally housed the Clearview Louver Co.,” Kostman said. “A member of the Anheuser-Busch family owned the building for some time.”
That’s when it was used as the location of the popular Deep Ellum night spot, Club Clearview.
“She didn’t like having the club in there and donated the building to Baylor,” Kostman said.
The property sold on Friday by Nashville-based Healthcare Realty Trust, a real estate investment trust that acquired many of Baylor Healthcare’s properties in 2005.
After the hospital moved its operations out of the Elm Street location, it was put up for sale.
Originally the building was listed for sale at $9.5 million, then marked down to $7.5 million.
“We reduced the price to $5.5 million, and we really saw the activity pick up,” Kostman said.
Final terms of the sale haven’t been disclosed yet.
The size of the property and its location between two DART light rail stations were draws.
“Parking was a big attraction because it has a big lot attached to it,” said Hudson Peters’ Sanober Syed, who also brokered the sale.
Eliza Solender, president of Solender/Hall Inc., represented Uplift Education in the purchase.
Having completed one transaction for Healthcare Realty Trust, Hudson Peters is on to the next deal.
The Dallas-based real estate firm has been hired to lease the 145,000-square-foot Pyramids office complex at North Central Expressway at Park Lane.
“We have approximately 81,000 square feet of Class A office available in that building,” Kostman said.