DALLAS-Cannon Commercial, a California-based firm, has hired Jones Lang LaSalle to sell its three Galleria office buildings totaling 1.4 million square feet located at the LBJ Freeway and Dallas North Tollway. A development site spanning two acres at Noel and Alpha roads will be sold along with the properties.
Cannon Commercial bought the properties for $300 million in 2008. Jones Lang LaSalle predicts that the properties would fetch a value less than the projected renovation cost of $350 per square foot. For the full story, go to Dallas Morning News.
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