Ricchi Group Puts 15-Story Dallas Office on Auction Block

After over a decade of ownership of the 1111 West Mockingbird Lane office high-rise, Dallas locals Ricchi Group are putting the property up for auction.

The 15-story building formerly known as Regions Tower will be auctioned off online from June 22-24 with a starting bid of $2.75 million, according to the Dallas Business Journal. Younger Partners, a Dallas-based commercial real estate firm, is bringing the property to market for Ricchi on LoopNet.

The building is around 50 percent leased, and offers 268,000 square feet of office space. Ricchi Group founder and CEO Leobardo Trevino purchased the property through an affiliate company in 2012 for an undisclosed amount, and planned to spend $3 million to enhance the building, according to the outlet.

The full six-acre plot of land the building sits on could be a key factor in the auction, most of which is ripe for further developments. County records show that the building and the land it sits on is valued upwards of $14 million, a substantial increase from the $6.2 million valuation that the building had when it was purchased, according to the outlet. Younger cites the building’s location right next to I-35 East and Hwy 183 as a deal-sweetener.

The site is just around a five minute drive from Dallas Love Field and William P. Clements Jr. University hospital, as well as a 10 minute drive to Dallas’s central districts. The building is emblazoned with tenant Domingo Garcia Law Office branding, and hosts Meaders Law PLLC, Ward + White Attorneys at Law, and JoGip Property Management among others.

It’s relatively rare for a building of this stature, on a plot of land with room to grow and in a high-traffic location to go up for auction, according to the publication. More often than not, auctions are tools for when traditional methods to sell fail.

— Hunter Cooke