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Real Deals: CBRE markets retail, medical office portfolioNovember 27, 2013
Looking to buy a retail and medical office building portfolio in Fort Worth?
On behalf of Austin-based Long View Equity Partners, CBRE Group Inc. has announced a new opportunity.
A portfolio featuring Saratoga Marketplace, a 20,330-square-foot neighborhood center, and three medical office buildings is up for sale.
Marketing the portfolio on behalf of the seller are Scott Herbold, with CBRE’s Investment Sales Group, and Jennifer Pierson and Beth Pierson, with its Private Capital Group in Dallas.
Saratoga Marketplace is located at 12650 N. Beach St. in far North Fort Worth’s AllianceTexas development. The neighborhood center is fully occupied and anchored by 7-Eleven and University of North Texas Health Science Center.
“The retail portion of the portfolio is a high-quality, highly visible strip center. The property is an inverted ‘L,’ making virtually every space visible to the street with front-in parking,” said Jennifer Pierson in a news release.
Pierson called the 7-Eleven the asset’s “centerpiece” for pulling in traffic all day. The medical office portion is within Woodland Springs Center on Timberland Boulevard, less than a quarter-mile south of Saratoga Marketplace. The three medical office buildings span 13,080 square feet and are fully occupied by five tenants, including Texas Health Resources and Wise Regional Health System, which occupy 49 percent.
“Rarely can an investor purchase a relatively new asset at 100 percent occupancy with four investment-grade tenants at this price point,” said Herbold.
“The owner is willing to split up the portfolio, so retail or medical office investors may better target familiar property profiles.”
COCKRELL AVENUE HOMES AT TCU
SOLD TO DEVELOPER
Cockrell Avenue Homes at TCU, a student housing project within walking distance of Texas Christian University, has been sold to a Dallas-based developer.
Boyan Radic, Mason Green and Doug Banerjee, investment specialists in Marcus & Millichap Real Estate Investment Service’s Fort Worth office, had the exclusive listing to market the property on behalf of the seller, a local partnership.
The buyer’s identity, a Dallas-based partnership, was not disclosed. The buyer was represented by Al Silva and Clint Roberts, investment specialists in Marcus & Millichap’s Fort Worth and Houston offices.
Cockrell Avenue Homes at TCU was completed in May 2012. Each residence is about 2,850 square feet, with six bedrooms and four baths. The transaction closed at full asking price.
ATHLOS ACADEMY SNAPS UP
After having the property rezoned for its intended use, Athlos Academy in Arlington has purchased the 40.8-acre tract in southwest Arlington from a Dallas-based limited partnership. The property is bounded by South Bowen Road, just south of Interstate 20.
Athlos plans a campus to provide what it calls a fitness-driven and trilingual education for students from kindergarten through eighth grade.
The seller, Behringer Harvard Bowen Road LP, was represented by Gary Walker, president of SCM Real Estate Services in Arlington, and Renee Efimoff, senior leasing agent.
“Athlos Academy conducted numerous studies to ensure its development plan worked and had the least impact possible on the surrounding neighborhoods,” Efimoff said in a news release.
The Arlington campus will mark the buyer’s second in North Texas. The buyer of record, Charter School Fund II LLC, was represented by Jamie Leonie of Vanguard Commercial Group.
The property was previously zoned as a planned development for data processing, office and training center uses.
“We had a lot of interest in this property from home builders,” Efimoff said. “Athlos Academy will be a strong attraction and educational benefit for the city of Arlington.”
VLK ARCHITECTS HELPS DESIGN
MINERAL WELLS SCHOOL
A voter-approved Mineral Wells elementary school will feature design input from Fort Worth-based VLK Architects.
The school, part of Mineral Wells Independent School District’s newly approved $25 million bond package, will replace the existing Lamar Elementary School.
Lamar was built in 1955 under a different set of educational guidelines and codes. It is the district’s oldest active campus.
The school district hired VLK Architects to identify areas of improvement for students and staff. They began working together last year, developing a districtwide facilities assessment. The VLK team reviewed more than 850,000 square feet of space, including a high school, high school stadium and field house complex, junior high school, three elementary schools and other facilities.
LEE & ASSOCIATES ARRANGES
ARLINGTON INDUSTRIAL LEASE
An industrial property in Arlington has been leased, with Lee & Associates arranging the lease of 32,230 square feet at 2401-2407 Centennial Drive.
Leasing the space is Impex Forwarding Agency Inc., which specializes in foreign trade services. The property was built in 1977. Representing the tenant in lease negotiations was Beck Thompson of Lee & Associates, with Kacy Jones and Wilson Brown of CBRE representing the landlord, First Industrial Realty Trust.
CEDAR CREEK APARTMENTS
IN ARLINGTON SOLD
Cedar Creek Apartments in Arlington has been sold to Cedar Creek Global Management Inc. Representing the buyer in acquiring the 196-unit property at 501 Green Oaks Road was Zac Thomas of Centra Partners, which was chosen by the buyer to continue managing the property.
SOLD IN LEWISVILLE
Lee & Associates has completed the sale of a 24,279-square-foot industrial building at 1210 Metro Park Blvd. in Lewisville. The buyer, Team Taylor Investments LLC, was represented by Mark Graybill with Lee & Associates. Representing the seller, Britestar Group Inc., was Dan Spika with Henry S. Miller Brokerage LLC.
COMMUNITIES IN SCHOOLS RENEWS LEASE
Communities in Schools of Greater Tarrant County has renewed 5,982 square feet of office space in Wells Fargo Meadowbrook Tower, 6707 Brentwood Stair Road in Fort Worth. Representing the tenant was Renee Efimoff of SCM Real Estate Services. Stephanie Olsen of Red Oak Realty represented the landlord, Meadowbrook Brentwood LLC.
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