The 31,960-sf Offices at Forest Hills has been sold to California-based RAB Properties, a 1031 Exchange investor vying against seven other offers for the class A, two-building project in north Arlington.
The single-story structures, located at 2001 and 2005 NE Green Oaks Blvd., were 93% occupied at sale time. Joe Hamilton, an associate in the Fort Worth office of Arlington-based Coldwell Banker Commercial Advisors DFW, and Theron Bryant, principal, represented the local seller, WCII-1 LLC. Negotiating for the buyer was Sam Owen of OGH Real Estate LLC, who has assumed leasing and management duties for the property.
"This is a beautiful project and has a good mix of tenants, which made it very attractive to buyers," Hamilton says. "We were able to secure 95% of the asking price for the seller."
The Offices at Forest Hills was developed in 2007 on a 3.4-acre wooded tract nestled in an upscale residential neighborhood close to TX 360, Interstate 30 and Dallas/Fort Worth International Airport. The buildings, totaling 11,967 sf and 19,993 sf, boast private balconies for each office and shared conference space. The asset also features a 120-space parking lot with 10 covered spaces.
The smaller building is fully leased to Lima USA for its headquarters. The wholly owned subsidiary of Italy-based Lima Corporate S.p.a. manufactures and distributes shoulder, knee and hip products and technology to surgeons. The larger building houses Insala Ltd., Endeavor Wall Homes, the U.S. Fish & Wildlife Commission and PSM, a property management company.
"It's a good mix of national and local tenants, most of whom have several years remaining on their leases," Hamilton adds.
RAB Properties owns seven other office properties in Dallas/Fort Worth. "They were the right ones to close this deal. They know the area well," Hamilton says, "and they were the best-suited buyer for this property."
SALES
WCII-1 LLC has sold the 31,960-sf Offices at Forest Hills, a two-building project at 2001 and 2005 Green Oaks Blvd. in Arlington, to RAB Properties. Joe Hamilton and Theron Bryant of Coldwell Banker Commercial Advisors DFW represented the seller. Sam Owen of OGH Real Estate LLC represented the buyer.
Shady Oaks Partnership has sold six development tracts totaling 2.83 acres along Jacksboro Highway, Fort Worth, to A&M Developers LLC. Judy Nitzinger of Coldwell Banker Commercial Advisors DFW represented the seller. Independent broker John B. Watson represented the buyer.
Founded in 1992 as SCM Real Estate Services Inc., Coldwell Banker Commercial Advisors DFW is a full-service commercial real estate firm providing clients with expert advice and strategies customized to their particular needs. Our services include investment sales, project leasing, property management, tenant representation.
