DALLAS -- As reported in CSP Daily News, after 14 years as majority owner, Seven-Eleven Japan Co. Ltd. has made a $1.2-billion offer for the remaining shares of 7-Eleven Inc. in a move to take it private. The deal, if culminated, will not impact 7-Eleven Inc.'s plan to anchor a $100-million, mixed-use development in downtown Dallas, reported Globe St.com.
We still intend to move Downtown, Carole Davidson, 7-Eleven's vice president of investor relations, told the real estate website. Dallas will remain the headquarters for the U.S. operation.
In April, the corporation inked a 15-year lease, with a trio of five-year options, for about 300,000 square feet in the 22-story One Arts Plaza, which broke ground on a 10-acre tract about six weeks ago.
The 78-year-old corporation has been exploring cost-savings measures for at least a year, said the report, including a headquarters site search that triggered a fierce competition in the marketplace. The Billingsley Co. won the nod with a proposal to build the first new high rise in the downtown area in 18 years, it added. The mixed-use project will have 425,000 sq. ft. of office space, 30,000 sq. ft. of retail and 110,000 sq. ft. of residential space in 60 condos.
7-Eleven's headquarters for more than two decades now fills about 400,000 sq. ft. of the 1.2-million-sq.-ft. Cityplace Center at 2711 N. Haskell Ave. 7-Eleven sold the building in 2004 to Prentiss Properties Trust of Dallas for $124 million, the report said.Members help make our journalism possible. Become a CSP member today and unlock exclusive benefits, including unlimited access to all of our content. Sign up here.