BH Properties said it has closed on its deal Friday to acquire six RadioShack properites, five of which are in Fort Worth.
The company, a Los Angeles-based firm that specializes in acquiring and repositioning challenged or distressed commercial real estate properties, said the bankruptcy court approved the to purchase of six properties, totaling 1.8 million square feet of space, along with some land, for $39.3 million. Five of those warehouses and the land are in Fort Worth, while the other warehouse is in Woodland, Calif., near Sacramento.
The Fort Worth locations are:
• A 132,000-square-foot factory/warehouse on 9.16 acres at 401 NE 38 th St.
• A 136,500-square-foot factory/warehouse on 5 acres at 3131 W. Bolt St.
• A 639,000-square-foot distribution center on 24 acres at 900 Terminal Road
• A 600,000-square-foot warehouse on 24 acres at 1000 Terminal Road
Included in the sale is a 7-acre tract of land between the 38 th Street and 900 Terminal Road properties, according to Andrew Van Tuyle, BH Properties’ chief acquisitions officer. RadioShack will lease back the Bolt Street property for a year, Tuyle said.
“The properties are very well maintained, so I think they’ll do well,” said Tuyle. The two larger properties on Terminal Road will likely be sub-divided to a variety of tenants, he said.
BH Properties owns 120 properties in 16 different states. It has several properties in North Texas, including retail sites in North Richland Hills and Mansfield.
Earlier this month, SK Realty Management said it would pay $11.4 million for a RadioShack warehouse operation in Hagerstown, Maryland.
Longtime Fort Worth—based electronics retailer RadioShack filed for bankruptcy in Feburary and has been closing or selling off stores since then. Hedge fund Standard General purchased many of the stores and has partnered with Sprint Corp. to rebrand 1,700 stores as Sprint RadioShack. Grapevine-based video game retailer GameStop purchased 163 of the stores.
RadioShack is represented by David G. Heiman, Gregory M. Gordon, Thomas A. Howley and Paul M. Green of Jones Day, and David M. Fournier, Evelyn J. Meltzer and Michael J. Custer of Pepper Hamilton LLP.
The case is In re: RadioShack Corp., case number 1:15-bk-10197, in the U.S. Bankruptcy Court for the District of Delaware.