Real estate investment firm World Class Capital has added former pool club Revive Uptown Dallas to its growing portfolio of high-quality properties in Texas, according to several reports.
The sales price was not disclosed by the company although the Dallas Central Appraisal District said the property, which was bought from Collin County-based Pearl Realty Holdings, is valued at $2.5 million.
A report on BizJournal.com said that Revive Uptown, which is located above the now defunct Glass Lounge & Nightclub, would be turned into a residential space by the company, according to sources familiar with the matter. World Class Capital founder Nate Paul hasn't commented on the matter yet, BizJournal.com said.
World Class Capital is on a real estate buying streak in Texas since the end of 2013, having acquired a 162-unit student housing community in San Marcos and a 141,000-square-foot shopping centre in San Antonio in December; and 1,600 self-storage units in Houston in February.
The company also bought the 34-story KPMG Centre in March this year. It added that it would be leasing the KPMG tower to serve as the new headquarters of California tech firm Active Networks and fleet management company Omnitracs. According to Dallas News, Active Network would rent a 200,000 square foot office space for ten years, while Omnitracs will be renting 100,000 square feet of office spaces in the tower.
"The strong central Texas economy is a national leader in positive job growth, which creates significant demand for commercial space and housing. We look forward to meeting this demand by delivering a high-quality, mixed-use, master planned development," Paul said of the company's investment rationale in a statement last February.
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