FORT WORTH – Staying the course on a portfolio disposition, Lakeland West Capital has sold Airport Freeway Plaza in northeast Fort Worth to Goodwill North Central Texas for its new regional headquarters.
The two-building office complex, totaling 32,256 sf, is situated on 2.28 acres at 4200 and 4304 Airport Freeway. The sale is the third in 18 months in Lakeland’s disposition of a five-property office/flex portfolio in Dallas/Fort Worth.
Erik Blais, first vice president of Bradford Commercial Real Estate Services, represented the seller of record, Lakeland West Capital 37 LLC, in the disposition. The buyer’s broker was Sandra Chapman of Quine & Associates.
Two large tenants opting not to renew leases sparked a shift in the marketing strategy earlier this year from an investment property to owner/user. “Within three weeks, we had two qualified buyers,” Blais says.
The project’s two buildings are positioned side by side with nearly 650 feet of frontage along TX 121, which in large part was the dealmaker. “The highway visibility was definitely a driving factor. The signage opportunity is outstanding,” Blais says.
Goodwill’s new campus consists of a two-story structure, totaling 21,718 sf, and a single-story building with 10,474 sf. Both underwent significant upgrades in spring 2020, including new roofs, siding and HVAC units.
Two of the project’s three tenants are in the process of relocating. Bradford has been retained through year’s end to oversee the property’s transition from multi-tenant to single-tenant. Once the buildings are vacant, Goodwill plans to extensively renovate the campus.
Completed Deals in the Lakeland West Portfolio:
▪ 3600 William D. Tate Avenue, Grapevine, TX – 19,759 SF Office – Full Story
▪ 701 E I-20, Arlington, Texas – 26,552 SF Medical Office – Full Story
Available Investment Properties in the Portfolio include:
▪ Offices at Bedford West, 221 Bedford Rd., Bedford, TX – 31,007 SF Office – More Information
▪ 4220 W. Green Oaks Blvd., Arlington, TX – Single Tenant Investment – 6,926 SF Office – More Information