The Sztamenits Family LP spent close to the $1.5-million asking price for 5757 and 5759 N. Riverside Dr. in a deal that strips the final US asset from Kimmon Quartz Ltd., a Texas limited partnership of Tokyo-based Kimmon Co., which shut the Fort Worth doors about 3.5 years ago. Built in 1993 for Kimmon, the building at Loop 820 and Beach Street was used to manufacture and distribute water and gas meters and quartz parts for the semiconductor industry.
Grady Barrett, vice president in Dallas for Philadelphia-based Binswanger/CBB, tells GlobeSt.com that there were several offers, but the local family placed the highest bid to deliver an all-cash sale that was "more than a million and less than $1.5 million." The property was on the market for three years due to the building's specialized design. Negotiations with the Sztamenits began in early summer, he says.
The Sztamenits' immediate plan is to clean up the building, assessed at $770,000, and possibly retool it for multi-tenant use. Barrett says the new owner, though, does intend to occupy part of the structure for its business line of buying and selling industrial plant equipment.
Barrett represented the seller while Jerry Barton Realtors of Fort Worth represented the buyer. Walter Cook of American Title Co. handled the closing proceedings.
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