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Real Deals: Business park for sale

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Business park for sale

JLL announced June 30 the firm has been selected to lead the marketing and sales effort for a single-story office property and adjacent 2.76-acre tract in Fort Worth’s Mercantile Business Park area. Located at 2651 South Polaris Drive in Fort Worth, the 21,347-square-foot, Class A office property is currently occupied and operated by technology solutions firm Buxton as their corporate headquarters.

JLL Managing Director Pat McDowell and Senior Vice President Matt Montague are leading the marketing and sales efforts on behalf of the owners, BGR Partners L.P.

Defense properties sold

Marcus & Millichap (NYSE: MMI) announced June 30 the sale of a two-property industrial portfolio of defense manufacturing facilities leased by Elbit Systems Ltd. (NASDAQ: ESLT), an international defense electronics company. A pension fund advisor purchased the assets from Elbit Systems of America.

“Located in Fort Worth, Texas and Roanoke, Virginia, the properties are mission-critical manufacturing facilities in markets where industrial assets experienced exceptional rent growth between 2014 and 2018,” said Adam Abushagur, senior vice president investments in Marcus & Millichap’s Dallas office and leader of one of the firm’s largest industrial property investment teams, TAG Industrial of Marcus & Millichap. “Both properties are on long-term absolute triple-net leases.”

The properties are the U.S. headquarters and manufacturing facility of Elbit Systems of America in Fort Worth and its night vision products manufacturing site in Roanoke. The two-building, 215,729-square-foot corporate headquarters site was constructed in 1980 on 25 acres along Interstate 820. Elbit Systems has occupied the property since 1993. Abushagur represented the seller and procured the buyer in the purchase of the Texas-based property. Timothy Speck, senior vice president and division manager is Marcus & Millichap’s broker of record in Texas and Dawson Rinder is the firm’s broker of record in Virginia.

Flower Mound lease

Transwestern Real Estate Services on July 1 announced Teltech Group, a telecom asset management and logistics/supply chain services company, has signed a new lease for 198,854 square feet at 1901 Lakeside Parkway in Flower Mound. The lease brings the Class A industrial building, built in 2019, to 100% leased. Transwestern’s John Fulton and Brett Owens provided leasing services on behalf of the building owner, Black Creek Group, a real estate investment management firm headquartered in Denver.

The building, originally developed by Huntington Industrial Partners, is strategically located in the Lakeside Business District, in proximity to Dallas Fort Worth International Airport.

Teltech Group provides network asset management, warehousing and logistics, new and refurbished technology equipment, personnel expertise, and practical utilization of evolving technologies for clients across the United States. Recently, Teltech has expanded from serving the telecommunications industry exclusively to deliver technology solutions for government agencies, disaster relief and healthcare. Since its founding in 1999, the Native American and Woman-Owned company has grown to 170 employees with main offices in Texas and Colorado, with additional locations nationwide. Tom Walrich and Connor Hunt with Lee & Associates represented Teltech Group in the transaction.

SALES

Marcus & Millichap (NYSE: MMI) has announced the sale of Crowley Business Park, a 18,400-square foot industrial property located in Arlington. Adam Abushagur, senior vice president investments and Cliff Zimmerman, associate, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a private investor, was also procured by Abushagur and Zimmerman. Crowley Business Park is located at 323 Crowley Road in Arlington on 0.89 acres of land. It was built in 1980.

Marcus & Millichap (NYSE: MMI), has announced the sale of the Caliber Collision Headquarters, a two-story, 80,038-square-foot Class A office complex in Lewisville. Alvin Mansour and Kevin Mansour represented the seller and procured the buyer, who completed a 1031 exchange with the sale of a multifamily property in Southern California. It was built in 2006 on a 5.8-acre lot and renovated by Caliber Collision in 2018.

Vision Commercial Real Estate has announced that Clint Renfro, director at Vision Commercial, recently completed sales transactions at properties 2929 Alta Mere and 6300 Shady Oaks Manor in Fort Worth. 2929 Alta Mere, a 18,000 square foot land site is located near I-30, with close proximity to Ridgmar Mall and Lockheed Martin. The seller was self-represented. 6300 Shady Oaks Manor is a 6.37-acre tract of land located near national retailers off Interstate 820. Vision Commercial and Remax Achievers represented the seller while the buyer was represented by Robbie Renfro at Remax Achievers.

LEASES

Sleep Smart has leased 800 square feet at 5101 Davis Blvd. in North Richland Hills near North East Mall, and Tarrant County College and less than half a mile from SH-183 and SH-121. Clint Renfro of Vision Commercial represented the landlord while the tenant was self-represented.

Pace Runners Inc. has leased 46,800 square feetof industrial space located at 924 111th Street in Arlington. Lon Lloyd, CCIM with Champions DFW Commercial Realty represented the tenant. Michael Stanzel, SIOR with NAI Robert Lynn represented the landlord.

Pacific Seafood has leased 15,000 square feetof industrial space located at 937 Avenue N in Grand Prairie. Daniel Miller and David Moore with Rubicon Representation represented the tenant. Michael Stanzel, SIOR with NAI Robert Lynn represented the landlord.

Robert Francis
Robert is a Fort Worth native and longtime editor of the Fort Worth Business Press. He is a former president of the local Society of Professional Journalists and was a freelancer for a variety of newspapers, weeklies and magazines, including American Way, BrandWeek and InformatonWeek. A graduate of TCU, Robert has held a variety of writing and editing positions at publications such as the Grand Prairie Daily News and InfoWorld. He is also a musician and playwright.

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