Tuesday, January 29, 2013

LBJ Freeway office tower sold out of foreclosure

A Dallas investor has purchased a 10-story office tower on LBJ Freeway.
DFW Integrity Group bought the 226,000-square-foot Meridian high-rise in a deal negotiated by Stream Realty Partners.
The 29-year-old office project at 2711 LBJ Freeway in Farmers Branch was acquired after a foreclosure by Bank of America. The building is only about 30 percent leased.
Keith Fisher of Stream Realty Partners brokered the sale. Terms of the deal were not disclosed.
Bank of America foreclosed on the office tower in late 2011. It was previously owned by a partnership that was set up by Younan Properties of California.
Bank of America had an $11.6 million loan on the property. It’s currently valued for taxes at $5.9 million.
Stream Realty Partners will be handling leasing and property management for the new owners.
DFW Integrity is a private investor with other holdings in the Dallas area.
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