Three-story office building off West 7th changes hands
An office building just off West 7th Street has changed hands.
Hahnfeld Hoffer Stanford The architects, the main tenant of the building, will remain at its current location. Transwestern Real Estate Services (TRS) announces on July 19 the sale of 200 Bailey Ave., a three-story, 43,729 square foot office building, to an undisclosed investor based in Fort Worth. Kyle Poulson and Gibson Duwe of Transwestern facilitated the transaction on behalf of the seller.
“With approximately 18,000 square feet of vacant space, the buyer plans to revamp the aesthetic features of this building by creating a large block in addition to small office suites, which is hard to find in this unique part of the city. Fort Worth, ”said Duwe. “Located in a highly desirable location on the west side of Fort Worth, we are excited about the future of this site for the new buyer and are delighted that they have seen the tremendous value of this site.”
200 Bailey Ave. is close to notable projects and attractions such as the Museum of Modern Art and Crescent Real Estate’s upcoming $ 250 million Cultural District development. The acquisition of this building presented a unique opportunity to purchase an office building in a market that maintained an occupancy rate of 86.8% with rental rates above $ 29 per square foot throughout. COVID-19.
The undisclosed purchaser was represented by Will Martin of W. Martin & Company.