May
13

DALLAS MORNING NEWS – 05/13/10

DALLAS INVESTORS PURCHASE OFFICE COMPLEX FORECLOSED ON BY LENDERS

By STEVE BROWN / The Dallas Morning News

A Dallas investment group has bought two office buildings that were foreclosed on by lenders earlier this year. The office complex contains about 177,000 square feet and was built in the 1970s. Sunwest Real Estate Group put together the partnership that bought the 10300 and 10260 North Central Expressway buildings near Meadow Road. The office complex contains about 177,000 square feet of space and was built in the 1970s. “The previous owners lost the deal back in January, and the lender was pretty serious about getting the property listed and sold,” said Marc Grossfeld of Sunwest Real Estate. “This is one of the first deals we’ve seen where the lender got aggressive on price and was wanting to move the asset.” The buildings were originally financed with more than $23 million in debt, according to legal filings. LaSalle Bank foreclosed on the property. Sunwest Real Estate would not disclose how much it paid, but Grossfeld said it was “definitely a discount price.” The transaction closed in just 30 days. “That really made the difference in the lender’s eyes in selecting us for the buyer,” he said. “There were others looking at the asset.” The buildings are about 55 percent occupied. Sunwest plans to make improvements to the buildings and will market them to smaller-business tenants. The buyers, which include Sunwest principals and Libitzky Property Cos. of California, also own the historic Meadows Building on North Central near Lovers Lane. That property, which was acquired in 2003, is more than 90 percent leased. “We are actively trying to expand our portfolio,” Grossfeld said. CB Richard Ellis brokered the sale. Link to original article