L.A. Company Buys Dallas, er, Landmark

A couple of weeks ago, The Dallas Morning News had a three-sentence item announcing that Los Angeles-based American Realty Advisors had bought the Quadrangle office-retail-and-restaurant center from Dallas developer Champion Partners, which has only owned the complex for three years. At the time, ARA had made no formal announcement; that came yesterday, but it still doesn't answer the question of what the Cali company intends to do with the beloved spot that was built in the mid-1960s as Dallas' "first urban retail complex" (accoring to the News last July) and houses such venerable venues as Theatre Three, Martini Ranch and the Dream Cafe. Last summer, the News also announced that part of the Quadrangle parking lot was to be turned into apartments or condos. ARA didn't announce how much it paid for the Quadrangle; my guess is more than eight bucks, but I am no real estate expert. --Robert Wilonsky