FORT WORTH BUSINESS PRESS
Dallas realty investor breathes life back into Fort Worth warehouse
Westmount Realty Capital of Dallas purchased a 96,000-square-foot fixer-upper warehouse just north of downtown Fort Worth, the company announced Aug. 29.
The 34-year-old building located in the 1400 block of Northpark Drive currently has only four tenants leasing about 35 percent of its square footage, a low occupancy rate that helped Westmount snag the property for what it calls a “steep discount.” The company already has hired a contractor to renovate the building to “enhance its marketability.”
Westmount hopes to lease the rest of the building within the next two years. The investment firm also purchased a 46,000-square-foot mixed warehouse and office space at 625 Krona Drive in Plano. The Krona Business Park, built in 1986, is fully leased to five tenants.
“We are pleased to have acquired two such well-located properties,” Westmount President Cliff Booth said in a statement. “Each of these assets, for different reasons, presents good upside potential with well-executed asset management strategies.” Tom Wiegand of Eastlake Partners partnered with Westmount in the purchases. Jeff Jackson represented the two properties’ seller.
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