In January 2020, Bradford was awarded the disposition assignment of 3600 William D. Tate, a 19,759 square-foot, multi-tenant office building, situated on 2.26 acres, with frontage along SH 121.
Lakeland West Capital acquired the 70% leased asset in December 2019 and hoped to maximize their return with a quick sale during a period of brisk market activity.
Positioned within the desirable Westlake/Grapevine submarket, there was a strong demand for owner/occupied purchase opportunities, with very little inventory.
Realizing the limited inventory for potential owner/users in the submarket, Bradford implemented a targeted marketing campaign focused on tenants leasing 4,000-8,000 RSF within a 1.5 mile radius from the property.
After follow up calls to a handful of prospects included in the marketing campaign, Bradford learned that WeBuyHouses.com, a company based in an adjacent city, was actively seeking to purchase a building with in-place income and enough vacant space to accommodate their current footprint, as well as anticipated future growth.
Bradford engaged WeBuyHouses.com to set up an introductory call, which led to a property tour shortly after.
Within 10 days from the inception of the assignment, Bradford negotiated a purchase agreement between Lakeland West Capital and WeBuyHouses.com.
The purchase successfully closed within 30 days of contract execution, and 40 days after Lakeland West Capital hired Bradford to handle the assignment.
The terms of the final purchase contract reflected a sale price which was 90% of the asking price.