FORT WORTH—CBRE has completed the sale of Alliance Commerce Center 14 located in world-class, master-planned AllianceTexas development. The property is situated on a 5-acre site and contains 72,772 square feet, 100% of which are currently leased.
Gary Carr, Eric Mackey, John Alvarado and Robert Hill of CBRE arranged the transaction on behalf of the seller, institutional investors advised by J.P. Morgan Asset Management.
“Investors were attracted to the property’s quality of construction, stable cash flow, and the strong fundamentals of the AllianceTexas location,” noted Eric Mackey, senior vice president of CBRE. “Alliance is Dallas/Fort Worth’s strongest submarket with respect to occupancy, at a lease rate of 99.6%, and boasts positive annual net absorption every year since 2005.”
“We are pleased with CBRE’s strong execution on the Alliance Commerce Center 14 sale,” said Dan Minkoff, executive director at J.P. Morgan Asset Management. “We foresee continued growth in north Fort Worth and are excited about the prospects for our remaining investment in over 14.3 million square feet of industrial, office, and retail product in the 17,000-acre AllianceTexas, developed by Hillwood.”
“The sale of Alliance Commerce Center 14 is good for AllianceTexas,” said Bill Burton, vice president of Hillwood Properties, the developer of AllianceTexas. “We believe that AllianceTexas, the dynamic master-planned, mixed-use development offers one of the most unique and vibrant commercial real estate locations in the nation. Alliance Commerce Center 14 will continue to be a prime destination within the Dallas/Fort Worth submarket, and we’ll look forward to working with its current tenants and those that come in the future, to build upon the amenities that have secured its continued occupancy.”
Alliance Commerce Center 14 is comprised of one, two-story office building and 289 surface parking spaces. The contemporary, architecturally distinct building is situated at the north end of Alliance Airport, approximately one-half mile to the west of Interstate 35W.