Friday, April 12, 2013

Fort Worth Office Building Sold

A new investment group in Fort Worth acquired the 95%-occupied 82k SF 1612 Summit Ave in Fort 
Worth.Summit Hilltop Partners, formed by real estate investor Will Martin  purchased the asset from Omaha-based Ameritas Life Insurance Co for an undisclosed sum. It'll be held as a long-term investment with gradual improvements planned. (It's a beautiful thing to see a company and a building commit to one another like that.) Will says he's on the hunt for other Class-A and Class-B office and industrial buildings with Class-A locations in both Dallas and Fort Worth.

The five-story building includes an underground parking garage and is leased to 15 tenants. Will tells us his brokerage firm, W. Martin and Co, will move its offices into the building at the end of the month and handle leasing. At I-30 and Summit Avenue, Will says this location is the gateway to the new Chisholm Trail Tollway, which is scheduled to open next year. Centra Partners' Jeff Day repped the seller. Liberty Bank provided the financing with Reagan Casey handling the transaction.