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Monday, January 18, 2021

Medical office in Arlington sold

In an ongoing portfolio disposition, Lakeland West Capital LLC has sold a vacant multi-tenant office project in the heart of Arlington’s Interstate 20 commercial corridor.

The just-sold asset is a 26,552-square foot single-story building on 4.85 acres at 701 E. Interstate 20. Erik Blais, vice president in the Fort Worth office of Dallas-based Bradford Commercial Real Estate Services, represented the seller of record, Lakeland West Capital 32 LLC of Waco.

DUB C LP, a Fort Worth-based investment group, has won the deed with an all-cash offer, 25-day inspection and 15-day close. Ryan Matthews and Cannon Camp of JLL represented the buyer.

“We had a lot of interest on the leasing end, but Lakeland’s preference was to sell. This is a strong, well-capitalized buyer who offered all cash and a closing before year-end,” Blais says.

Lakeland West Capital has sold a second-generation medical office building developed in 1986 and renovated in 2006. The S-shaped structure features a portico and expansive barrel-vaulted ceiling with skylights. The property abuts Arlington Highlands, a regional open-air center with one million sf of lifestyle retail, restaurants and entertainment venues.

The new owner is planning to redevelop the class B office property, which has direct access to the I-20 frontage road. The site is zoned GC-APO (general commercial with airport overlay).

“The building wasn’t the driving factor, in my opinion. It was the site of almost five acres with I-20 access,” Blais says.

Lakeland West Capital retained Bradford to dispose of a five-property office portfolio in Dallas/Fort Worth earlier this year. The Arlington project is the second asset to sell.

The disposition package has been whittled to 4220 W. Green Oaks Blvd. in Arlington; Airport Freeway Plaza, 4200 and 4304 Airport Freeway in Fort Worth; and Offices at Bedford West, 221 Bedford Rd., Bedford.

“These are good assets in particularly attractive submarkets that work well for an owner-user, just like the two that we’ve already sold,” Blais says

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