Richland Hills Business Center at 7201 Baker Blvd. has sold to a 1031 exchange investor from Rancho Cucamonga, CA. The fully leased project consists of a 1,200-sf building, assessed at $129,618 by Tarrant County, and a 3,367-sf structure, assessed at $44,289. Baker Boulevard Partners LP developed the project in 2002 and 2003, respectively.
Philip Cox with Marcus & Millichap in Dallas tells GlobeSt.com that the seller took over a small office area as part of the deal. The asset, he says, passed to the first offer that came in during the first two weeks of marketing by him and Marcus & Millichap's Howard Fuerst. The sale traded at a 10% cap rate, according to Cox. Details about the 1031 property weren't available.
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