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First-Time Texas Buyer Gets 1.1M SF in Fort Worth

FORT WORTH-Berkeley Investments and Starwood Capital Group acquire their second Motorola campus in 13 months. Motorola signs a long-term lease for the largest of three buildings while the buyer eyes the upside in a vacant structure and abutting parcel.

By Connie Gore | Updated on December 20, 2002

FORT WORTH-A Boston investment group and its equity partner, Starwood Capital Group, have made their first buy in Texas, reportedly paying close to $45.8 million for Motorola’s 96.9-acre campus in Fort Worth’s Fossil Business Creek Park. Motorola, working through a consolidation, has signed a long-term lease for the campus’ largest building, 665,000 sf at 5555 North Street.

Once the decision to sell was made, Motorola turned to Berkeley Investments Inc., which bought its four-building campus in Mansfield, MA just 13 months ago. Berkeley’s acquisitions director Richard Griffin tells GlobeSt.com that the deal for 5401 N. Beach St. went from start to finish in 45 days although the two parties had been in discussion for some time as Motorola weighed the decision to hold or sell. Griffin is bound by a confidentiality agreement not to disclose the price. Another publication, quoting Motorola, reported the deal closed at $45.75 million.

The upside, Griffin says, lies in a vacant 396,000-sf office/flex structure in the three-building campus. The plan is find a tenant for the seven-year-old building, hold the investment for a few years and then possibly sell. An abutting tract, which could support another 250,000 sf, was part of the package as was a 12,000-sf day-care center at 4175 Sandshell Dr.

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