Monday, November 09, 2015

Newly Formed TCRG Buys 680K SF in 45 Days

Wood says the property has 70,000 square feet of office space and approximately 280,000 square feet of warehouse.

FORT WORTH—TCRG Properties LLC, a real estate investment company recently formed by Bobby Patton, has closed on its second large industrial deal in the last 45 days.

The Fort Worth-based firm has acquired some 680,000 square feet over that period of time, including 1400 Everman Parkway in Fort Worth, a 351,600-square-foot multi-tenant office/warehouse asset sold by Conti Warehouses. According to Ryan Wood, with TCRG, the property has 70,000 square feet of office space and approximately 280,000 square feet of warehouse.

“We were able to acquire a highly occupied asset in a sub-market with very little vacancy,” Wood told GlobeSt.com. “Conti Warehouses had done a great job maintaining the property and had made several significant upgrades in recent years. The location, size, and value we saw in property fit perfectly within our strategy for the portfolio.”

The previous purchase was an off-market deal of about 300,000-plus square feet, Wood says.

Patton, a Fort Worth native, is a partner of Guggenheim Baseball Management, and part owner of the Los Angeles Dodgers. He principally operates oil and gas properties in Texas and Kansas and has additional investments in many other sectors, including ranching and insurance.

Wood says of TCRG that it is “aggressively pursuing large individual properties and portfolios, with a focus on the DFW market.”

Anna Caplan/GlobeSt.com