FORT WORTH – Acting on behalf of a court-appointed receiver, Bradford Commercial Real Estate Services has finalized the sale of the former headquarters building of Progressive Concepts Inc. and adjacent acreage to Blackmon Mooring.
The just-sold property consists of a 56,666-sf two-story flex building on six acres at 5718 Airport Freeway and an abutting 6.9-acre tract at 5722 Airport Freeway in Haltom City.
Blackmon Mooring is gaining more than 400 linear feet of freeway frontage and expansion opportunities in the Texas 121/Airport Freeway corridor, where the daily traffic count exceeds 100,000 vehicles.
"I think it's an excellent move for Blackmon Mooring. It provides them with retail exposure and growth for the company," says Nick Talley, vice president in Fort Worth for Dallas-based Bradford.
Blackmon Mooring needs to relocate its headquarters and operations hub because its longtime location near downtown Fort Worth stands in the path of the Trinity River Vision. The Haltom City property is being readied for immediate occupancy.
Among the chief marketing points were 24,000 sf of high-end office space, 3,000 sf of retail/showroom space and one acre of paved surface parking. The former Teletouch Communications Building also boasts two generators, each with the capacity to power the site with 24/7 run time for one week, high-speed fiber infrastructure and roughly 30,000 sf of warehouse space.
From a logistical standpoint, the industrial-zoned property is close to the Fort Worth Central Business District, East Loop 820, Interstate 35 W and Dallas/Fort Worth International, Fort Worth Alliance and Meacham International airports.
With an offer in hand, Talley had to be cleared as the listing broker by U.S. Bankruptcy Court. A 90-day marketing period was required to ensure Blackmon Mooring's bid was the highest and best offer.
"We did have other offers. This is a very specific building for the right user," Talley says. "At a court hearing, we were approved to move forward with the sale to Blackmon Mooring."
Leland Prowse and Alex Bryant of Transwestern Dallas represented the buyer of record, BMS Enterprises Inc., which is vacating 308 Arthur St. The company specializes in cleaning, restoration and remediation of residential and commercial properties in Texas and Oklahoma.
February 17, 2014