A landmark Uptown property has changed hands.
The Quadrangle retail and office project near McKinney Avenue was one of the first mixed-use developments ever built in Dallas. The open-air complex brought visitors to the neighborhood before there even was an Uptown.
Now Dallas-based Stream Realty Partners has purchased the 194,332-square-foot development from California investors who have owned the property since 2006.
The new owner plans to renovate the center, which was built in 1966 and overhauled and expanded in the 1980s.
“The original Quadrangle development was innovative and trendsetting in the 1960s when Uptown wasn’t yet a neighborhood,” said Stream Realty managing director Ramsey March. “As Uptown has grown up around it, it’s interesting that The Quadrangle remains identified with these traits.
“Our vision is to restore the Quadrangle’s place as the premier mixed-use property in Uptown, which will require some of the same daring ideas that made it great in the first place.”
Located on Routh Street between McKinney and Cedar Springs Road, the Quadrangle includes an eight-story office tower and more than 25,000 square feet of adjoining low-rise retail space.
The 4-acre development was originally built in a modern Southwestern style with small, one-of-a-kind local shops and restaurants clustered around courtyards.
Stream Realty officials say that the property “possesses significant additional development potential given its location in the center of Uptown.”
The new owners plan to market the office space for new tenants, focusing on creative companies.
Stream Realty bought the Quadrangle from American Realty Advisors in a transaction brokered by Holliday Fenoglio Fowler LLP.
Terms of the sale were not disclosed.