Staying the course on a portfolio disposition, Lakeland West Capital has sold Airport Freeway Plaza in northeast Fort Worth to Goodwill North Central Texas for its new regional headquarters.
The two-building office complex, totaling 32,256 square feet, is situated on 2.28 acres at 4200 and 4304 Airport Freeway. The sale is the third in 18 months in Lakeland’s disposition of a five-property office/flex portfolio in Dallas/Fort Worth.
Erik Blais, first vice president of Bradford Commercial Real Estate Services, represented the seller of record, Lakeland West Capital 37 LLC, in the disposition. The buyer’s broker was Sandra Chapman of Quine & Associates.
Two large tenants opting not to renew leases sparked a shift in the marketing strategy earlier this year from an investment property to owner/user. “Within three weeks, we had two qualified buyers,” Blais says.
The project’s two buildings are positioned side by side with nearly 650 feet of frontage along TX 121, which in large part was the dealmaker. “The highway visibility was definitely a driving factor. The signage opportunity is outstanding,” Blais says.
Goodwill’s new campus consists of a two-story structure, totaling 21,718 square feet, and a single-story building with 10,474 square feet. Both underwent significant upgrades in spring 2020, including new roofs, siding and HVAC units.
Two of the project’s three tenants are in the process of relocating. Bradford has been retained through year’s end to oversee the property’s transition from multi-tenant to single-tenant. Once the buildings are vacant, Goodwill plans to extensively renovate the campus.
In other Goodwill North Central Texas news, it has opened its 27th area retail store. The 13,881 square foot retail store is located on 1.5 acres at 3200 Basswood Blvd. near the intersection with Interstate 35W in north Fort Worth.
“Every retail store that Goodwill opens means more revenue to support our job training and placement programs for individuals with disabilities and other barriers to employment including veterans, at-risk youth, the homeless, the formerly incarcerated and the disadvantaged,” said David Cox, president and CEO of Goodwill North Central Texas. “The organization also assists job seekers from the general public in obtaining employment through area Job Resource Centers.”
Construction on the location began in August 2020 by Reliable Commercial Construction. The new store will employ 25 individuals.