DALLAS, May 12, 2014 (GLOBE NEWSWIRE) -- Henry S. Miller Brokerage is proud to announce that they have been awarded the exclusive right to sell the land currently occupied by the Las Colonitas Condominiums. Greg Trout, President of the Office-Industrial Division and Sam Kartalis, President/COO of the Henry S. Miller Realty Services secured the assignment this week with the Officers of Las Colonitas HOA. Kartalis and Trout said, "We are honored to be chosen to represent the association in the disposition of this strategically, well-located property. The dynamics in motion at this intersection are full of potential and will prove to be an intelligent investment move for all the parties involved in the project."
Las Colonitas Condominiums is a 243-unit association located at the southeast corner of the Midway Road and Lyndon B Johnson Freeway (Interstate 635) intersection. The property, professionally managed by Worth Ross Management Co., Inc. AAMC, was built in 1968. It consists of approximately 264,000 square feet of finished residential buildings situated on eight acres of land. "Las Colonitas is in a prime location and occupies one of the largest blocks of land south of I-635," says Worth Ross, president of the association's management company.
The location of Las Colonitas Condominiums makes this offering very attractive to multi-use developers. Bill Coe, Las Colonitas board president, stated "Las Colonitas Condominiums is marketing the property to research the best opportunity for its homeowners." The eight-acre property is situated in the midst of several redevelopment projects underway or planned for future development.
Adjacent to Las Colonitas Condominiums on the west side of Midway Road, Wal-Mart will develop, on 27 acres, a 180,000 square foot Wal-Mart Supercenter and a 136,000 square foot Sam's Club (including a 16-bay gas station) on 27 acres; the stores are expected to open in early 2015. Located one exit east, at Dallas North Toll way and LBJ, is the 1,300,000-plus square foot Galleria Dallas, the 1,400,000-plus square foot Galleria Office Towers and the 2,000,000-plus square foot Lincoln Centre office complex. Adjacent to Galleria Dallas and just minutes east of Las Colonitas Condominiums, Valley View Mall is to undergo a complete transformation into Dallas Midtown. The $2 billion, mixed-use development is proposed to contain restaurants and entertainment venues, boutique shopping, luxury hotel towers, upscale multifamily residences, hike and bike trails and more. In addition to the real estate transformations in the immediate area, Interstate 635 is also being converted into efficient, managed toll lanes allowing for better flowing traffic; estimated completion is 2016.
Greg Trout and Sam Kartalis will be actively marketing Las Colonitas for sale and are looking for a quality buyer with the potential to redevelop the asset. Currently the eight-acre tract is zoned CR-Community Retail, allowing for a variety of commercial and retail uses. For more information on this offering, contact Greg Trout gtrout@henrysmiller.com or Sam Kartalis sam@henrysmiller.com .
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Dallas-based Henry S. Miller Companies is one of Texas' largest and oldest independent full service commercial real estate firms. Established in 1914, Henry S. Miller celebrates 100 years of excellence in real estate service. Henry S. Miller was founded on the principles of integrity and service. The same principles that built the Dallas Skyline in the last century will propel the landscape of Texas in the next century.
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Meredith McKee 972-238-7798
