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New Joint Venture Secures First Holding, 115,681-SF Park Plaza

FT. WORTH-The groundwork's being lain for a possible buying spree by a newly formed joint venture. The 115,681-sf Park Plaza in Ft. Worth launches the portfolio for Woodcrest Plaza 2001, an investment firm with high-profile backing.

By Connie Gore | Updated on January 23, 2001

FT. WORTH-A newly formed joint venture has acquired its first holding, the 115,681-sf Park Plaza on the outskirts of Ft. Worth’s CBD.

The buyer, Woodcrest Plaza 2001 LP, is being steered by Woodcrest Capital LLC, a Ft. Worth-based investment firm controlled by James A. Ryffel, founder and chairman of the board of directors of Hispanic Television Network Inc. And, the buy is just the first, Douglas Miller, Woodcrest principal, told GlobeSt.com.

Park Plaza is a multi-tenant structure that is classified class-A minus, says Miller. The space’s going rate is $16.25 gross per sf, but “there’s significant upside potential in the next few years,” he emphasizes. The office building had been 91% occupied at the time of sale.

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