Thursday, August 11, 2016

High-profile LBJ Freeway office building sells to community church

The Park Central I office building was constructed in 1972
An LBJ Freeway office building has a new owner but it's not your typical real estate investor.
Watermark Community Church bought the 8-story Park Central I office building at 7616 LBJ Freeway.
The 127,913 square foot building was sold by a Houston-based real estate investor, Hartman Income REIT Management Inc. Hartman had owned the building for more than a decade.
Designed by Atlanta architect John Portman, the Park Central I was one of the first buildings constructed in the mixed-use Park Central development at LBJ and Coit Road.
Watermark Community Church already occupies two adjoining buildings on the west side of the latest purchase.
Watermark Community Church plans to use parts of the Park Central I building for meeting space and other functions. The building is now occupied by multiple tenants, including attorneys, accountants and staffing agencies, according to Hartman.
Terms of the sale were not disclosed. The building is valued for taxes at more than $4 million.
But Hartman said that the sale was "a significant gain over the purchase price" in 2004.
Hartman still owns additional office buildings in the Park Central area.
Written by Steve Brown/Dallas Morning News