ARLINGTON, Texas – In an ongoing portfolio disposition, Lakeland West Capital LLC has sold a vacant multi-tenant medical office project in the heart of Arlington's Interstate 20 commercial corridor.
The just-sold asset is a 26,552-sf single-story building on 4.85 acres at 701 E. Interstate 20. Erik Blais, vice president in the Fort Worth office of Dallas-based Bradford Commercial Real Estate Services, represented the seller of record, Lakeland West Capital 32 LLC of Waco, Texas.
DUB C LP, a Fort Worth-based investment group, has won the deed with an all-cash offer, 25-day inspection and 15-day close. Ryan Matthews and Cannon Camp of JLL represented the buyer.
"We had a lot of interest on the leasing end, but Lakeland's preference was to sell. This is a strong, well-capitalized buyer who offered all cash and a closing before year-end," Blais says.
Lakeland West Capital has sold a second-generation medical office building developed in 1986 and renovated in 2006. The S-shaped structure features a portico and expansive barrel-vaulted ceiling with skylights. The property abuts Arlington Highlands, a regional open-air center with one million sf of lifestyle retail, restaurants and entertainment venues.
The new owner is planning to redevelop the class B office property, which has direct access to the I-20 frontage road. The site is zoned GC-APO (general commercial with airport overlay).
"The building wasn't the driving factor, in my opinion. It was the site of almost five acres with I-20 access," Blais says.
Lakeland West Capital retained Bradford to dispose of a five-property office portfolio in Dallas/Fort Worth earlier this year. The Arlington project is the second asset to sell.
The disposition package has been whittled to 4220 W. Green Oaks Blvd. in Arlington; Airport Freeway Plaza, 4200 and 4304 Airport Freeway in Fort Worth; and Offices at Bedford West, 221 Bedford Rd., Bedford. "These are good assets in particularly attractive submarkets that work well for an owner-user, just like the two that we've already sold," Blais says.