The Lakewood, NJ-based Diversified Capital was wired the funds yesterday, immediately after the Tarrant County Commissioners Court approved the acquisition of the 8.2-acre asset at 1401 S. Main St. The property abuts John Peter Smith Hospital, which has been in an expansion mode and needs additional parking. County officials say the site's use will be determined later.
"We were working a $30-million redevelopment, but as construction costs started to rise in the past three years, the risk-reward ratio was moving against us," Bruce Stern, vice president of business development for Diversified Capital, tells GlobeSt.com about the off-market deal. "When JPS approached us with a fair offer to buy the property as is, we decided to forego the redevelopment opportunity and take a healthy profit in a short period of time with no risk."
Stern credits G.K. Maenius, Tarrant County administrator, with putting buyer and seller together. "The county administrator really is to be commended for thinking out of the box to get this hospital back into use for the county," Stern says.
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