Marcus & Millichap Real Estate Investment Services has been tapped to sell House of Blues Dallas, a 61,876-square-foot retail property in Victory Park. Known as the White Swan building, it was built in the 1920s as a processing plant for White Swan Coffee. The two-story facility is at 220 N. Lamar St., where Victory Park connects with Dallas’ West End.
The listing price of $17.9 million works out to about $289 per square foot. Paul Kerber, vice president of investments, and David Weinberg, senior associate, are representing the seller, a European fund, in the sale of the asset. Both Kerber and Weinberg work in Marcus & Millichap’s Detroit office. Tim Speck, first vice president and regional manager of the firm’s Dallas office, is handling things in Texas.
House of Blues Restaurant Corp. renovated and expanded the building in 2006. The Dallas property features a 1,625-person-capacity concert auditorium, four bars, stadium seating, and a restaurant that operates seven days a week.
House of Blue’s newly inked 15-year lease is guaranteed by Live Nation Entertainment Inc. According to Weinberg, Live Nation generated $5.4 billion in revenue last year and is the country’s No. 4 e-commerce retailer behind Amazon, Dell, and Walmart.
Live Nation gained control of House of Blues, a chain of clubs launched by entertainer Dan Aykroyd, about six years ago, when it bought HOB Entertainment for $350 million.