Investors Snap Up North Dallas Office Campus

A Dallas property investor has purchased a North Dallas office campus.Real estate firm MoxieBridge acquired the 2-building project at 5710 and 5728 LBJ Freeway, which will be called Midtown Office Center.The two office buildings with almost 170,000 square feet are across the freeway from the old Valley View Mall site, which is being redevelopment.The new owners plan to renovate the two buildings, which were built in the 1980s. "With the acquisition of Midtown Office Center, MoxieBridge owns more than 700,000 square feet of office space in North Texas," KC Kronbach, co-founder of MoxieBridge, said in a statement. "We are actively looking for value-add office opportunities in strong markets, like the Midtown area, throughout the North Texas and Houston regions."The new owners plan to add a fitness facility, on-site wine lockers, and an executive conference room and lounge and bar area.The investors say they also will allow tenants in the buildings to invest in the properties."We also want to have more of a partnership with our tenants instead of the typical landlord/tenant relationship, so we're offering them the opportunity to invest in the property," Brock Robertson, co-founder of MoxieBridge, said.The buildings were less than 10% occupied when they sold. MoxieBridge officials say they have nearly 50,000 square feet of pre-leasing.Paladin Partners has been hired to handle property management and leasing.MoxieBridge purchased the buildings from an investment group that bought the properties following a foreclosure in 2012.MoxieBridge was started last year and has so far purchased six buildings including two properties in Plano.  Continue reading...