40,000-SF Converted Store Sells Again

The 21st Century Technologies Inc. of Fort Worth had the former Safeway store at 505 Belknap St. in Haltom City on the market for close to $1.3 million. "It was way too much space for us," Larry B. Bach of Fort Worth-based 21st Century Technologies tells GlobeSt.com. Bach says the company now must decide whether to relocate or craft a new lease for the long term. Then again, it could be that the word on the street is correct: there's a furniture tenant waiting in the wings.

The seller's not talking about the closing price, except to say it was an all-cash deal. The single-story building and 2.7 acres, including an adjoining lot, are assessed at $852,156 by the Tarrant Appraisal District. The converted property houses a 10-employee shop, Innovative Weaponry Inc., a wholly owned subsidiary of 21st Century Technologies.

"The sale of the building is a good move for the company," Arland D. Dunn, president and CEO of 21st Century Technologies, said in a press release. "Not only were we able to utilize sale funds to retire substantial debt, including debt to the Chase Corp. and Texas Mutual Insurance Co, but also we were able to negotiate favorable payoff terms." The end goal, he added, was to "improve the company's financial performance in the short and long run."

In addition to the Innovative Weaponry division, 21st Century Technologies owns Trident Technologies Inc. and Miniature Machine Corp. The defense contractor's Innovative Weaponry group manufactures low-light and no-light open gun sights under the trademark P-T NightSights.

The Tarrant County property went on the market Feb. 1, Bach says. The sale/leaseback was structured by David Washington of Centra Asset in Fort Worth and Bill Dunn, an independent broker.