(Read more on the industrial market.)
[IMGCAP(1)]FORT WORTH-Whitehead-Smith Investments of Dallas has grabbed 40 acres in an off-market deal to mark its second land grab in North Tarrant County in 14 months. The dirt sits in an unincorporated section with strategic positioning right on the boundary of Fort Worth, making it readily annexable.
The border location is particularly important for infrastructure development because it provides a link to city utilities. “It's right on the city limit line so it wouldn't be any problem to annex it to the city,” Lester Day, principal of NAI Huff Partners in Fort Worth, tells GlobeSt.com about the land, situated at the intersection of Harmon Road and Golden Triangle Boulevard and just 1,500 feet from Interstate 35W.
Day has just stuck a sign in the ground and jumped into marketing pad sites and the whole site for the new owner, who took the deed from Brookfab Realty of Fort Worth. Day says the going-in plan is to market the Triple Freeport dirt for industrial, office or multifamily uses. In all cases, he says “there's a demand up there for affordable land.” The off-market price is off limits, but the re-sale price is $2.60 per sf for the entire tract.
[IMGCAP(2)]Because all 40 acres are developable, it could support 522,270 sf based on a 30% coverage formula. “I suspect this will go for a corporate campus or a big-box industrial user,” Day says. But, he's not ruling out some multifamily development due to the location. “There is no multifamily in the immediate area,” he explains. “And with the retail and businesses that are there, there's a demand for it. Whichever comes first, we'll deal with that. We're leaving our options open.”
In August 2006, Whitehead-Smith Investments bought a 52-acre tract off market from one of North Texas' largest vehicle dealers, Don Davis. The acquisition included a six-building complex, totaling 174,495 sf, that is ground-leased to Regency Vans of Texas. The earlier piece, banked for redevelopment, is situated at the intersection's southwest corner and the newer one is on the west side of Harmon Road. “They liked the area and they wanted to buy more,” Day concludes.
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