North Carolina-based Asana Partners bought 28 buildings and eight parking lots from one of Deep Ellum’s largest landlords, 42 Real Estate. And it is looking for more, the Dallas Morning News reports.
The buildings include Pecan Lodge, BrainDead Brewing, Dot’s Hop House & Cocktail Courtyard and High & Tight. Several of the buildings are not leased. Asana plans to add value to the neighborhood through capital investments and new tenants, Managing Partner Terry Brown said.
Several vacant storefronts in the neighborhood have not been renovated. 42 Real Estate founder Scott Rohrman has previously spoken about how selective he is in filling his half-full portfolio.
Rohrman had been consolidating landlords since 2012 by buying up more than 50 properties. He will continue to own several Deep Ellum properties and maintains he will still be active in the neighborhood.
"It is clear Asana shares our vision. They have the expertise and experience to make Deep Ellum better,” Rohrman said.
Asana used a $500M investment fund to purchase the properties. The firm is also looking to acquire properties in Austin, Raleigh-Durham, North Carolina, and Washington, D.C. It has already purchased properties in Atlanta, Nashville and Charlotte.
HFF procured a buyer for 42. Terms of the deal were not disclosed.
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