Dobie Center Gets its Second Wind
- Jul 28, 2015
Forty-three years after opening, Dobie Center has a promising future ahead. San Francisco-based Fowler Property Acquisitions recently acquired the 27-story high-rise near the University of Texas campus and plans to rebrand it Dobie 2021.
The Carlton Group of New York sold the property at 2012 Guadalupe St. for an undisclosed price. Senior managing director Tucker Knight and managing director Corby Chaffin of Berkadia handled the financing and told Bisnow that the deal’s financing generated substantial interest from banks and life companies. Knight and Chaffin locked in a $58 million loan with Bank of America at a five-year term instead of the typical three-year loan to support $10 million worth of renovations planned by the new owner.
“Our investment cycle had run its course and we are happy to see Fowler take Dobie Center to its next level of success,” Carlton Group chairman Howard Michaels said in a statement.
Dobie Center incorporates private student dormitories, 90,000 square feet of retail and restaurant space, and a six-story, 250,000-square-foot parking garage. Under Carlton’s ownership, the Dobie Center received a series of upgrades, including a conversion of a vacant cinema into a 13,000-square-foot business center.
Image courtesy of The Dobie Center