image via Dominus Commercial
A ten-story office building located on the southeast corner of LBJ and Central has been purchased and is slated for upgrades. That’s according to Steve Blow for Dallas Morning News, who reports that “new owners plan to spend about $1.6 million in improvements on the property which is about half occupied.”
Stephen LaMure and Justin Owen of Dallas-based Dominus Commercial brokered the deal.
The building sale comes as construction on LBJ Express nears completion. (Earlier this summer we reported that December 2015 is the expected completion date for the final phase of the project.)
It seems that the newly revamped highway is appealing to more than a few investors.
Here are a few more projects along LBJ that are in the works:
- Heritage Square I and II offices, acquired in January, are receiving a total of $6 million in renovations.
- 1.4 acres of vacant land at the southwest corner of Merit Drive and LBJÂ will house mid-rise apartments by the end of the year.
- A bit further south on Merit, Merit Tower is currently undergoing $11 million worth of renovations in its lobby and common area.
- Lennar Multifamily Investors is redeveloping 21 acres of land at the southwest corner of Coit and Banner (which formerly housed 1970s-era TI office buildings) for an apartment project. Dallas Business Journal reports that the two-phase project is planned to total nearly 700 units, with the initial phase of the project to be complete by May 2015.
