A. Lee Graham
Colliers International North Texas has sold Western Place I and II, two Class B office towers in southwest Fort Worth.
Tower I boasts 11 stories, with the second tower at 10 stories.
Among tower tenants are Lockheed Martin Corp. and BAE Systems. Serving as brokers in the transaction were Creighton Stark, Mark McEwen and Ben Lurie of Colliers International’s Capital Markets Group.
With a combined 427,000 square feet, Western Place I and II are at 6000 and 6100 Western Place, fronting Interstate 30. Sovereign Capital was the seller, and Fort Worth-based TLC Urban was the buyer.
“This was a complicated transaction which required the assumption of a CMBS loan,” said Creighton Stark in a news release. “We were grateful to have worked with such a sophisticated buyer, TLC Urban, which was able to get the deal done.”
Stark described South Fort Worth as one of Dallas-Fort Worth’s best-performing submarkets, with Lurie pointing to its vacancy rate of 6.8 percent compared to 14.8 percent for the overall Metroplex area.
Colliers International’s Dallas Capital Markets Group has more than 55 years of collective capital markets experience. Globally, Colliers International has more than 13,500 professionals operating out of 482 offices in 62 countries.
More information is available at www.colliers.com.