The Dallas Business Journal and the Texas Real Estate Research Center reported that Triten Real Estate Partners (Houston) and Convexity Properties (Chicago) have purchased 6060 & 6080 N. Central Expressway from Prescott Realty Group.
These two office buildings are eight stories with 224,682 square feet (SF) and four stories with 45,817 SF, respectively. The latter includes a parking garage.
While the project was built in 1972 and renovated in 2008, it is in need of further TLC. The new owners plan to spend several million dollars renovating it again to bring them up to Class-AA standards. That’s a tall order for this project so it will be interesting to see how they plan to accomplish it. One thing is that they plan to build a mixed-use lifestyle center as part of the project to offer a work-play-live environment. A big benefit to this project is that it is visible from N. Central Expressway and is next to the Mockingbird DART light-rail station. This could be a truly transit-oriented development which could really help it succeed.
Stay tuned to see how it develops.
Bob Gibbons is a Real Estate Advisor & Tenant Advocate with REATA Commercial Realty, Inc. which is a tenant advisory firm based in Plano, Texas. Bob serves companies in Plano, Frisco, McKinney, Allen, Richardson, Addison, Dallas and the surrounding areas and specializes in companies which lease or buy office and warehouse properties.