First of Five Office Properties Trade in Portfolio Sell-Off

DALLAS – Within a few months of winning the assignment, Bradford Commercial Real Estate Services has sold the first of five available office properties for Lakeland West Capital LLC in its Dallas/Fort Worth portfolio disposition.

3600 William D Tate Image
3600 William D Tate

The first trade is a 19,759-sf office building situated on nearly 2.3 acres at 3600 William D. Tate Ave. in Grapevine. The buyer of record, 3600 WDT LLC, is a local real estate-related firm, which is planning to occupy the 6,465-sf vacancy in the three-tenant building.

"It was on the market less than a week. The buyer had his eye on this building for some time," says Erik Blais, vice president of Dallas-based Bradford and the seller's broker. "It was an attractive offer not only for the pricing, but from a timing perspective."

The deed changed hands in a seven-day inspection and 30-day close. The seller of record is Lakeland West Capital 37 LLC. The property fronts TX 121 and offers direct access to TX 114 and 360, setting up a transportation trifecta for freeway travel in any direction within the metroplex.

Adding to the buyer's incentives is a pair of tenants with term on their leases. Future Com, a cybersecurity, consulting and cloud security firm, has its headquarters in 6,800 sf. MacArthur Medical Center, which has five offices in the region, occupies 6,494 sf.

"It's good in-place income. Both tenants have been there for awhile so it's highly likely they will remain there long term," adds Blais, who was the only broker involved in the transaction.

Waco-based Lakeland West Capital recently retained Bradford to manage four of its five office properties in Fort Worth, the Mid-Cities and Arlington. Bradford then was tapped to market the entire package for sale, three of which also are available to lease.

Blais credits the demographics of the Westlake/Grapevine submarket for the quick sale of the 24-year-old building. Renovated in 2017, the single-story project also features a 6:1000 parking ratio.

"There are very few buildings for sale of that size that will work for an owner-user," Blais explains, "and the ones that are for sale usually are 100% leased."

March 24, 2020

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