Overton Plaza Office Building Trades for $2M

Summit HMR will undertake a minor renovation of the 15-year-old, class B office building at 4916 Overton Plaza before relocating in late February from an 8,500-sf office in Park Gardens at 2630 W. Freeway, says Will Martin, one of three Fort Worth-based Woodmont Co. brokers who spent a year searching for an expansion site for the medical billing company. "It was an opportunity to buy a good solid piece of real estate with room for growth," he says. Now, the Woodmont team, which includes Tyler Trahant and Jim Benson, are searching for a sublease tenant to fill the Park Gardens space for the one-year balance on Summit's lease.

Ric Kanatzar, assistant director for Studley's Dallas office, tells GlobeSt.com that the Overton Plaza building, positioned on 3.47 acres in a retail and office corridor, sold for close to the $2.1-million ask, with Summit stepping up with a contract within a month of another investor's offer cratering. "There's not a lot of inventory out there for this type of product," says Kanatzar, who teamed with Studley managing director Rob Shepherd to sell their second office building in six months for the Bloomington, IL-based State Farm, which emptied the building about a year ago.

According to Tarrant County Appraisal District, State Farm bought the single-story office building for a claims center in December 1992. Trahant says Summit's plan is to occupy 12,000 sf while weighing plans to lease or bank the balance.