Prana Group works to shape up downtown Amarillo buildings
Tue, 01 Oct 2013 03:09:46 GMT —
The Prana Development Group, closed the deal on the commerce building, Levine's retail buildings and the bankruptcy building.
The t's are crossed, the I's are dotted, but what's next for the Prana multimillion dollar deal?
Partner Alan Rhodes said, "There will be some construction projects. There will be some space, particularly in the commerce building that has been quiet for a while. We're looking at adding some windows to the commerce building."
Prana, a group of investors from Amarillo and around the Panhandle closed on a purchase worth 3-1/2 blocks of downtown Amarillo property, and according to Rhodes a majority of the buildings need work.
"Blackburns and Levines have significant work that have to be done on them." Rhodes said. "The second floor on the bankruptcy building is vacant so that will be a lot of work."
A commercial real estate broker who specializes in downtown leasing said although buying that amount of property is a large risk, downtown Amarillo is a stable market.
"They're looking for something that is just more steady." Aaron Emerson said. "There's less upside, but there's a lot less downside as well. It's just that. It's the stability of the market. The downtown office market is good, it has been good and I think it will continue to be good."
Rhodes said they have already hired construction crews to start working on some of the buildings.
"Many of our buildings have high occupancy and this creates more space on the market."