The 29-year-old building sits on 1.1 acres at 4325 Murray Ave. in Haltom City, northeast of Fort Worth. The asset, assessed at $727,805, was on the market for $1.1 million. "We were able to get a good price," the buyer's broker, Frank G. Jester II with Dunn Commercial LP in Arlington, says. He tells GlobeSt.com that the listing was marketed with 10% cap rate and "we got higher than that."
The buyer is Johnson Warehouse San Diego Ltd LP, an investment group from Colorado. The seller is Right Printers I, which acquired the property in June 1999 based on Tarrant County records.
Jester says the printing company needed to rally cash for the operation so a deal was struck with a buyback option. Start to finish, the transaction wrapped up in four months. David Barber of NAI Stoneleigh Huff Brous McDowell represented the seller.
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