DALLAS--Westmount Realty Capital LLC has announced the sale of its property at 1401-1424 Northpark Drive in Fort Worth to one of its tenants, Cargill Meat Solutions Corp. The single building, multi-tenant property, built in 1978, is in a desirable area of I-35 north of downtown Fort Worth, 5 minutes from the Fort Worth Stockyards. The 96,400-square-foot asset is configured with overall office finish of 5 percent and includes additional trailer parking to accommodate approximately 15 trucks.
The transaction was handled off-market since Cargill was the ideal buyer, being not only one of the tenants in the building, but also occupying its own processing building across the shared-truck court.
Northpark is currently 100 percent leased to four tenants, and was acquired by Westmount in 2012 at a steep discount to replacement cost for its low occupancy level. Westmount has completed significant improvements to the property to enhance its marketability during the period of its ownership. The sales price represented a significant increase in value over the original purchase price.
“Upon acquisition, we performed many upgrades including exterior painting, lighting, re-striping of the parking lot, replacement or renewal of overhead doors and new dock bumpers,” Steve Kanoff, executive vice president of Westmount, told GlobeSt.com, “As well as interior painting and carpeting of vacant spaces, and maintenance items as required throughout.”
Todd Hubbard of NAI Robert Lynn represented Westmount in the transaction and David Sours and Kevin Kelly of CBRE represented Cargill.
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