Investment partners buy Las Colinas office building



CBRE – Canal Centre in Las Colinas was built in the 1980s.

 

Presented by Dallas Morning News

Two investors that have recently bought office properties in the Dallas area have made another purchase.

California-based Libitzky Property Companies and Sunwest Real Estate Group of Dallas have acquired the 10-story Canal Centre office building in Las Colinas. The 238,05 square-foot building in the Las Colinas Urban center was purchased from LaSalle Investment Management.

CBRE’s Eric Mackey, Gary Carr, John Alvarado and Robert Hill brokered the sale. Terms of the transaction were not disclosed.

Canal Centre was built in the 1980s and recently remodeled.

“Canal Centre offered investors a favorable balance of long-term, in-place leases and multiple compelling opportunities for future income growth,” Mackey said in a statement. “Its location within a steadily improving submarket is also advantageous.”

Libitzky Property and now have nine properties with 1.1 million square feet of office space in the Dallas area.

In 2011 the companies bought the 1212 Corporate Drive office project in Irving. And in 2012 the firms purchased three LBJ Freeway office buildings that had been in foreclosure.

Libitzky also owns the historic Meadows Building in North Dallas.

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