DALLAS - Sunwest Real Estate Group, in partnership with California-based Libitzky Property Company, just purchased three LBJ Fwy. office buildings that had been in foreclosure since 2009.
Originally known as the Hines Park Place complex, the partnership plans to spend about $6 million in upgrades on the four- and six-story buildings, and change the name to The Midtown Office Center.
The LBJ Fwy. construction project will last another four years, which has discouraged some office tenants from leasing space. Located just east of Montfort Rd. on the south side of LBJ, the three buildings contain almost 300,000 sf. Occupancy is about 20 percent.
Our twice-weekly e-newsletter provides a quick overview of Texas real estate markets. Because your time is valuable.