case studies

The Challenge

• In December 2019, Bradford was awarded the leasing/disposition assignment of Airport Freeway Plaza, a two-building, 32,256 square foot office project, along Airport Freeway in Fort Worth, TX.
• When the marketing assignment began, Bradford marketed the project as a value-add investment opportunity, with occupancy at 89%, and only two small vacancies available for lease.
• In April 2020, the project underwent a significant capital improvement program consisting of HVAC repairs, replacement of existing HVAC units, roof replacement, and electrical upgrades.
• Within 6 months of assignment inception and through regular communication with the existing tenant base, Bradford was able to learn that several occupants were planning on relocating or not exercising renewal options.

The Solution

• Armed with the information gained through communication with existing tenants, Bradford immediately engaged ownership in discussions to re-position the property as an owner/occupant opportunity.
• Using extensive market knowledge and comparable pricing data, Bradford compiled an in-depth market analysis for ownership and was successful in obtaining approval to adjust the asking price in order to remain a competitive in the current marketplace.
• Bradford immediately rebranded the marketing campaign and shifted the focus to target potential owner/occupants in the immediate submarket, as well as surrounding markets.  

The Results

• 3 weeks after implementing the rebranded marketing campaign, Bradford had received two all-cash purchase offers from qualified owner/user prospects.
• In March 2021, Bradford negotiated a purchase agreement between Lakeland West Capital and Goodwill Industries of Fort Worth, Inc., resulting in a successful sale in July 2021.
• Bradford was successful in the disposition of the asset, prior to the largest two tenants vacating, allowing ownership to maximize their return through rent collection prior to closing.

The Team

Erik Blais

Senior Vice President

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