OmniAmerican Credit Union purchased the 200,000-sf University Centre II and will move its headquarters into the building. Located at 1320 University Drive, it was 85% leased at the time of sale. The 100,000-sf University Centre I building, 96% leased, was purchased by an unnamed private investment group.
The sale of University Centre is believed to be the largest property disposition in Fort Worth this year. Combined, the two buildings sold for $30 million. Individual sales prices were not available.
Benjamin Brown of the Woodmont Co., the brokerage in the deal, tells GlobeSt.com that seller Yarmouth Capital Partners required the simultaneous sale of the office buildings, resulting in a complex series of negotiations over a seven month period. "It was a very tough deal," says Brown.
Brown says negotiations were complicated because two other potential buyers dropped out of the bidding for University Centre I after prolonged talks. Negotiations with the new buyers were also complex, with both wrangling for the best deal. "Both the purchasers and sellers were very tough at the negotiation table and went back and forth for many months" before finally reaching a deal, Brown notes.
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