Grapevine office property sold

Grapevine Office, courtesy Collier's

Colliers (NASDAQ, TSX: CIGI) has announced the sale of Grapevine Office, a 25,133 square-foot office property located in Grapevine.

Cody Payne, Senior Vice President in Colliers International Fort Worth office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a private investor, was also secured by Payne.

“ We were able to generate a tremendous amount of interest on this building not only from in state but there were a number of out-of-state investors and funds that competed on this deal,” said Payne. “Investors loved the historical occupancy and that Century 21 had been in the building for over a decade”

Payne and his team were able to generate multiple competing offers and a lot of activity and interest through a global pandemic. This project was 100% occupied at closing, sold at asking price, and had a quick list to close timeline. The property was secured by long term tenants with NNN Leases.

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 The asset is located at 4101 William D Tate Ave. and is positioned in a high growth area of DFW in the affluent suburban corridor of Grapevine / Southlake / Colleyville with persistent growth and construction in the immediate area, and continued development of retail and restaurants.