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RICHARDSON, TX-Champion Partners has kicked off an investment strategy that focuses on buying office assets that need to be re-capitalized, renovated, re-branded and re-tenanted. Working with its institutional partner, Fidelity Real Estate Group, the Dallas-based firm recently acquired two distressed properties in Galatyn Park that fit its investment criteria, as well as a defaulted bank loan on a Las Colinas building that has already been paid off.

“We’re looking to buy assets at a fraction of replacement cost, spend the capital required to renovate the properties to today’s class A standards, find tenants for them and then sell the buildings,” explains Steve Modory, a principal with Champion. “There are a significant number of buildings that were purchased by investors from 2004 to 2008, and those owners do not have the access to capital to re-tenant their buildings. We’re in an environment where the existing ownership and existing capitalization can’t put any more money in. Ultimately something has to happen with those assets to bring new capital and find tenants.”

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