A California-based 1031 exchange investor has acquired a 14,820-square foot office/warehouse on two acres along one of the busiest arteries in southeast Arlington, snapping up a fully leased project with near-term rollover.
The office/warehouse is located at 1901 Southeast Parkway with 208 feet of frontage and parking for tenants. The deal was completed in less than 45 days.
“We had a dozen offers during the time it was on the market. This buyer was the most aggressive,” said Shane Benner, vice president in the Fort Worth office of Dallas-based Bradford Commercial Real Estate Services. He and Nick Talley, a senior vice president and managing partner, represented the local seller, Emmett Dale Hickey, who developed the property in 1985.
The buyer, Mehmed Mick Dapcevic, was represented by Nathan Vasseur of Vasseur Commercial Real Estate Services of Fort Worth. He also is leasing the project, which now has 1,300 square feet of available space with three offices, reception area and private entrance.
The office/warehouse is situated close to Tarrant County College’s southeast campus and Lake Prairie Towne Crossing, a retail center anchored by four national brands. The five-mile trade area has a population of 283,992 with an average annual household income of nearly $90,000. The property is one mile west of the Texas 360 toll road and within blocks of New York Avenue and South Collins Street, providing easy access to all parts of the metroplex via Dallas/Fort Worth’s freeway system.
Hickey, an entrepreneurial businessman, had used the building to manufacture cosmetics. After selling the business several years ago, he continued to office in the project and leased the balance through the years. There was significant vacancy at various times during the term of the sales assignment which began in 2017.
“We were able to re-tenant it to 100% and list it as an investment sale,” Benner explains. “It was good to find an aggressive investor and sell at full occupancy. It was a definitely favorable outcome for our client.”