Ricchi snags 400,000 SF along Dallas’ Stemmons Fwy.

DALLAS – Dallas developer Leobardo Trevino has purchased two office buildings in the Stemmons Fwy. Corridor and plans to spend millions of dollars renovating the properties.

Trevino, through affiliated companies of Ricchi Dallas Investments, purchased 1300 W. Mockingbird Lane and 8700 Stemmons Fwy.

The five-story Mockingbird building totals 154,785 sf. Trevino plans to spend several million dollars renovating the property, which will include redoing the mechanical system and making them more marketable to tenants. It was sold by an affiliate of Jamison Properties Inc.

Trevino plans to spend $4 million to $5 million renovating the four-story Stemmons Fwy. building, which totals about 250,000 sf. It was sold by Spire Realty Partners.

Spire Realty Partners had owned the Stemmons Fwy. building for more than two decades and it was time to sell, said Stark, a senior vice president of Colliers International’s Dallas office.

Trevino plans to reposition and lease the two buildings, much like the nearby 1111 W. Mockingbird Lane, which he spent $3 million renovating after purchasing it in November 2012.

In DFW, Trevino has about 700,000 sf of commercial real estate. In all, Ricchi Dallas Investments has about 1.4 million sf of property.