NORTH RICHLAND HILLS, Texas – LFP Properties Inc. has acquired its third office project in northeast Fort Worth, scooping up a 19%-leased class B building across the street from North Richland Hills' $60 million municipal complex.
The local buyer has immediately jumped into renovating its new holding, the 15,365-sf Glenview Professional Building at 4109 City Point Dr. The buyer also owns two adjacent office projects, both of which are fully leased primarily to medical office users.
"We had been eyeing this property for a couple years. We thought the time was right to make an offer," says Erik Blais, first vice president of Dallas-based Bradford Commercial Real Estate Services.
Blais says LFP's offer initially was declined, but then accepted 45 days later. The seller, Real Estate Cowboys Holdings LLC, was represented by Phillip Maxwell of Glacier Commercial Realty.
"Our longtime client was able to get the office project at a price point that allowed him to have enough capital to completely overhaul the building," Blais says. "It is second-generation medical space with the infrastructure in place, but significant updates are needed."
The façade, roof and electrical system will be replaced and the parking lot resurfaced. "The plan is to modernize it to facilitate leasing success," Blais explains. Construction is slated to wrap up in Q2 2022.
Glenview Professional Building, built in 1983, is positioned on a 1.5-acre tract that's now in the path of progress because of North Richland Hills' 12-acre municipal campus, which was completed about four years ago. The complex houses city hall, public safety and municipal court services plus a detention center, warehouse and 700-space parking garage.
LFP's new asset also is close to the 310,000-sf Medical City North Hills, the catalyst for a burgeoning medical office submarket. "LFP will be in a good leasing position to leverage momentum created by government and medical office sectors," Blais says.