56,000-Sq-Ft Facility on 5.66 Acres in Grand Prairie, TX, Offers Multiple Conversion Opportunities Including Medical Rehabilitation Center or Corporate/Religious Retreat;

CBRE Auction Services to Conduct Open Outcry Auction in Dallas

New York, NY – October 6, 2010 – (RealEstateRama) — The renowned Greenhouse Spa in the Dallas/Fort Worth Metroplex, a favorite exclusive retreat for nearly every first lady from Nancy Reagan to Lady Bird Johnson, as well as such celebrity names as Grace Kelly, Cindy Crawford, Brooke Shields, Paloma Picasso and Estée Lauder, among others, will be sold at auction on Wednesday, November 19th announced Douglas Johnson, managing director, of CBRE Auction Services.

CBRE Auction Services is spearheading the marketing initiative for the forthcoming ‘open outcry’ auction to be conducted in Dallas at a yet-to-be-determined venue.

The 5.66-acre campus and 56,000-square-foot main building, which opened in 1965, will be auctioned complete with opulent furniture, fixtures and fittings. It could easily convert to a wide variety of alternative uses, such as a medical treatment center, addiction facility, a corporate or religious retreat or an educational academy.

“Although the facility could continue to operate as a spa, it could also serve as a private rehabilitation center, a place of tranquility and seclusion following plastic surgery, for example,” said Mr. Johnson.

“Such a facility would benefit from the property’s central mid-America location, only minutes from DFW International Airport, as well as two close by jet-accessible municipal airports that could serve clients or patients throughout the country,” added Paul Galanis, managing director of CBRE Auction Services. “The property’s numerous exercise, relaxation and treatment rooms could easily convert to a wide variety of medical/physical or dependency rehabilitation uses.”

Known for its unparalleled elegance and refinement, the 37- double double guest room Greenhouse Spa was built 45 years ago under the direction of Stanley Marcus of Neiman Marcus fame as a luxury destination for women, and underwent a major renovation in 1999. Each of its suites offers private bathrooms and dressing rooms. The facility’s dining room surrounds the indoor pool, which, in turn, is surrounded by an elaborate trestle-finished balcony. Both are situated under a spectacular glass canopy atrium. Among other features are a professional fitness center, massage treatment rooms, numerous tranquil sitting areas, a library, two championship tennis courts, walking trails, an outdoor swimming pool, Jacuzzis and saunas.

Moreover, the historic Great Southwest Golf Club, an 18-hole tree-lined course designed by Byron Nelson featuring 6,706 yards of new Tif 419 Bermuda fairways, abuts the property and, according to Mr. Galanis, an investor could benefit from the long time relationship between the current owner of The Greenhouse and the neighboring Great Southwest Golf Club.

All furniture, including fine drapery, sconces, lamps and ornate chandeliers will be sold with the property. The updated kitchen features a complete array of commercial-grade appliances.

According to a recent 2009 study, the DFW Metroplex has a population of 6,145,037 with a predicted growth of 16.32 percent. The cost of living for the area is 15.33 percent lower than the US average. And as of February 2010, the unemployment rate in DFW was 8.7 percent, in contrast to the national unemployment rate of 10.6 percent.

“The Greenhouse lends itself to a wide array of alternatives,” said Mr. Johnson, “and it represents a rare opportunity to acquire this gem of a property at your price at auction.”

For more information about the auction, terms of sale, or a brochure, prospective purchasers should call CBRE Auction Services at 800-815-1038.

CB Richard Ellis launched its real estate auction service in the United States in May of this year. This new service expands the company’s capabilities for assisting lenders, investors and users in the disposition of commercial real estate assets. The group joins forces with CBRE experts within each business line to develop a comprehensive marketing program designed to achieve our clients’ goals and to maximize the value of the asset. Doug Johnson, Paul Galanis, and Jeff Barrett lead the group. More information on CBRE Auction Services can be found at: www.cbre.com/auctionservices

About CB Richard Ellis

CB Richard Ellis Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2009 revenue). The Company has approximately 29,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CB Richard Ellis offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. CB Richard Ellis has been named a BusinessWeek 50 “best in class” company for three years in a row. Please visit our Web site at www.cbre.com.

Melanie Keenan
Senior Vice President
Rubenstein Associates
(b) 212 843-8092
(c) 917 574-8833
mkeenan (at) rubenstein (dot) com


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