North Dallas office building foreclosed, Coit and Central

[RB TexLa]

North Dallas office tower posted for foreclosure

05:18 PM CDT on Wednesday, July 30, 2008

By STEVE BROWN / The Dallas Morning News
[e-mail]

A North Dallas office tower has joined the growing list of commercial properties posted for foreclosure.

The 13-story Coit Central Tower at 12001 North Central Expressway is one of the largest and most prominent Dallas-area commercial properties to be threatened for forced sale in recent years, according to Addison-based Foreclosure Listing Service which tracks foreclosures.

“Yes, I can't think of any office buildings of decent size that has been posted in recent times,” said Foreclosure Listing Service president George Roddy. “I hope this is not the beginning of trouble for commercial.”

Built in 1984, the high-rise contains more than 256,000 square feet.

The building has been owned by a real estate partnership affiliated with real estate investor International Capital Partners of Scottsdale since April 2007, according to Dallas County tax records.

Lender Gramercy Warehouse Funding II LLC has posted the building for next month’s foreclosure sale. The original loan amount on the property was $28.7 million, according to the foreclosure filing.

The tower – which is less than 40 percent leased - is valued for taxes at about $23 million.
http://www.dallasnews.com/sharedcontent/dws/dn/latestnews/stories/073108dnbuscoitcentral.1a756ce6.html


Everyone from the Dallas area will recognize it.

[Crabby Appleton]

1. I worked a couple blocks away (Coit & LBJ) when it was built

moved away from Dallas 16 years ago.