Everything you wanted to know about the Urban Core, Uptown and Downtown Dallas, Texas & Dallas Ft. Worth Area Real Estate - Its growth, prosperity, setbacks and unprecedented revitalization is told here...Randall Turner of Harvard Companies, Inc 214-373-0007, 3500 Oak Lawn Avenue, Suite 325, Dallas, Texas 75219
Thursday, July 11, 2013
Local RE Firm Purchases New HQ in Midtown
DALLAS-Closing on its second transaction in a month, Forge Realty Partners has acquired one of the three office buildings that makes up the Midtown Office Center. The healthcare commercial real estate investor and developer bought the 101,000-square-foot building at 5710 LJB Fwy. from Libitzky Property Cos., and plans to use it for its headquarters.
The building itself is part of the Midtown Office Center, consisting of three buildings located along Interstate 635 (LBJ Freeway), near Preston Road. Libitzky Property had acquired the building (and its two sister properties) in 2012 from Aegon USA Realty Advisors which, in turn, had owned the asset in 2009. Aegon had acquired the buildings, via foreclosure, from Equastone. The three-building complex is close to the 430-acre Midtown redevelopment, a $3 billion project spearheaded by Beck Ventures and the City of Dallas.
In mid-June, local Forge Realty Partners joined forces with Victory Healthcare of The Woodlands, TX, to acquire the 113,000-square-foot Hospital at Craig Ranch in McKinney. The recently launched Forge Realty Partners focuses on healthcare projects throughout the country. Though 5710 LBJ is not clinical space, Forge is partnering with physician-owned tenants in the healthcare industry to acquire and develop healthcare real estate. Plans call for a capital investment of $2 million for tenant improvements and building upgrades.