Fort Worth Buildings Sold, To Be Repurposed As Offices

The former Packard Motor Co. dealership in Fort Worth, Texas along with another building used by Fort Worth Bolt & Tool, were sold this month to two separate entities, both of which plan to renovate the buildings for offices. Moore Acquisition Partners in Southlake bought the Packard building at 1204 W. Seventh Street from Texas Land and Investment for an undisclosed sum. A partnership of TLC Urban and Fort Worth's Kostohryz family bought the Fort Worth Bolt & Tool property at 2800 Bledsoe St. Three red brick buildings total about 25,000 square feet and will be renovated into modern office space, said Tony Landrum, a TLC Urban principal, according to a Dallas Business Journal article.

Moore Acquisition is a new real estate investment company and principal and managing partner Ryan Moore, who has a history in the oil and gas business, said of the deal that "we've been looking for some real estate in downtown Fort Worth. The building was very appealing." Moore is working with Joe Conk, of Conk Architecture, and Todd Davenport with HGC Commercial to restore the exterior to its original appearance and transform the interior into high-end loft-style offices.

For more news and information visit Blumberg Capital Partners.

First AllianceTexas Building Sells for $18.7 Million

Macquarie CNL Global Income Trust, Inc. announced this week that it had acquired the first of two fully leased office buildings in Fort Worth, Texas as part of a two building purchase agreement. Macquarie paid $18.75 million for Heritage Commons III in Fort Worth's AllianceTexas development. Built in 2006 with 119,000 rentable square feet of office space, Heritage Commons III is 100% leased to DynCorp International, a government services contractor.

"This transaction supports our vision to build a portfolio of properties that will provide stable income to our shareholders," said Andy Hyltin, president of Macquarie CNL Global Income Trust. "These two office buildings have established tenants and are in a robust market that has seen one of the highest rates of population growth in the nation during the past decade."

For more news and information visit Blumberg Capital Partners.