HALTOM CITY, Texas – In a fast-moving 1031 exchange investment play, Bradford Commercial Real Estate Services has arranged the acquisition of a 7,750-sf office building in Tarrant County and immediately leased it to a local construction company for its future headquarters address.
Drake & Hen LLC has closed on 4201 Clay Ave. in Haltom City in an all-cash transaction fueled by 1031 Exchange funds. Bradford's Nick Talley, executive vice president and managing partner, represented the buyer, who then tasked its broker with finding a tenant. One day after the closing, a lease commitment was in hand.
"The buyer is an opportunistic investor who saw a well-located building in a rising industrial market," Talley explains. "It all fell into place real quick."
Schulz Construction Corp. has signed a long-term lease for the single-story building, setting the stage to relocate its headquarters to Haltom City from nearby Colleyville. The company was self-represented.
"We leased as-is space with no tenant improvement allowance and annual rent bumps. It's an outstanding investment for my client," Talley says.
The structure, situated on 0.45 acres, was completed in 1979. It is located close to the Loop 820 and Interstate 35 W junction. Michael Newsome of NAI Robert Lynn represented the seller, Cascade Heights Partners LLC.