7Up Lofts & Retail Redevelopment

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Investment Overview

Marcus & Millichap is pleased to exclusively present for sale 7 Up Lofts & Retail, an urban live/work redevelopment opportunity totaling 26,494-square-feet of building and situated on four parcels of land totaling 1.05 acres. The subject property is located at 2700-2708 Live Oak Street with two parcels of land at 612 Cantegral Street and 2720 Union Alley Street in Dallas, Texas. The property currently features 15 residential rental units, with sizes ranging from studio to two-bedroom lofts, and on-site parking with controlled access and gated entries, as well as two retail storefront tenants with short-term leases at well-below market rents. The current PD 298 (Subarea 10) zoning allows for a maximum build height of 100 feet, with a floor-area-ratio of 3:1, and a maximum lot coverage ratio of 90 percent, which provides a new investor or developer a premium opportunity to reposition the site for a prime vertical development opportunity. 

The 7 Up Lofts & Retail asset is located within the rapidly transitioning submarket Old East Dallas and directly adjacent to the immensely popular urban submarket known as Deep Ellum. Immediately proximate to the subject property, one will find several new class A developments, including The Gabriella (a 378-unit high-rise luxury apartment complex with Tom Thumb and Starbucks on the ground floor), the newly renovated Oak & Ellum (a 424-unit mid-rise apartment complex), The Case Building (a 337- unit high-rise apartment complex), Indie Deep Ellum (a 231-unit luxury apartment complex with over 10,500 square feet of retail and a rooftop swimming pool), The Epic development (featuring a 250,000-square-foot office building, a 310- unit apartment complex, a 164-key hotel, and 42,000 square feet of retail), The Stack (with 215,000 square feet of Class AA office space, 15,000 square feet of retail, and 16 stories of mixed-use), and The Assembly (a new development by Sterling Bay, scheduled to deliver 412,000 square feet of office and ground-floor retail). Additionally, within close proximity there is a newly announced multifamily development from New York-based RXR at the former Uplift Academy location. 

The subject property is conveniently within walking distance of local shops, restaurants, and over thirty live music venues. The property also features close proximity to the Dallas Area Rapid Transit (D.A.R.T.) train system. Directly to the east lies Baylor Medical Center, along with their new 300,000-square-foot office development and Texas A&M School of Dentistry. 

The Dallas-Fort Worth metroplex is widely considered one of the top commercial real estate markets in the United States and one of the fastest growing submarkets in the entire country. Notably a top job market, the Dallas-Fort Worth metroplex features 24 Fortune 500 company headquarters, 8 Fortune Global 500 headquarters, and 49 Fortune 1,000 headquarters. The metroplex has also ranked as the top market for year-over-year job growth, adding over 132,000 jobs in the past twelve months, a 3.3 percent annual increase. 

The city of Dallas has also gained tremendous press lately with the recent introduction of the Texas Stock Exchange, which is backed by several Wall Street investment groups such as Black Rock, Citadel Securities, and many more. With the massive influx of corporate relocations of Fortune recognized companies and job growth, this has driven a tremendous amount of new residents to the metroplex, further driving the need for additional housing and retail needs to sustain this increased demand. 

The 7 Up Lofts & Retail offering provides a new investor or developer the rare opportunity to stake their claim in one of the most progressive urban neighborhoods in the city of Dallas. This 1.05-acre site provides a new owner with the opportunity to benefit from rising rental rates and property values in the thriving surrounding submarkets, fueled by economic and demographic growth. The favorable PD 298 zoning allows for a tremendous new development opportunity within a short period of time, with unmatched views of downtown Dallas and direct access to several major thoroughfares, allowing for convenient access throughout the metroplex.