(Read more on the debt and equitymarkets.)

FORT WORTH-Prescott Realty Group, fueled by a $21-millionacquisition loan, has made a slam-dunk play with a local seller forthe 241,250-sf Summit Office Park in the CBD. There is anadditional $5.6 million of “good news money” built into theoff-market deal to cover renovation and leasing costs.

The Dallas-based Prescott has been scouring the Downtown and theWest Side for the past two years after selling all that it owned inthe city several years ago. “We like Fort Worth. We are continuingto poke around for other opportunities, says Judson Pankey,Prescott's CEO. The eight-story twins, situated at 1200 and 1300Summit Ave., are 93% leased to 51 tenants.

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dallas/Fort Worth
National
Office