92,000-SF Office Building Changes Hands

FORT WORTH-Overcoming hurdles from the capital markets, an investment group from Jericho, NY has closed on the Western Insurance Building, a 92,000-sf building with a front-row seat along Interstate 30. The 92,000-square-foot office building was 98.5% leased at sale time.

A partnership, led by Sperry Van Ness/Visions Commercial senior adviser Steve Fithian, put the five-story, class B building at 5601 Bridge St. on the market in September 2007 for $10.5 million, taking one of two full-price offers just two months later. Fithian tells GlobeSt.com that the deal died due to the capital markets so the owner of the 3.1-acre prime piece of real estate did a second run last February at a $10.2-million ask. “The markets had obviously changed,” he explains.

Fithian says Navika Capital Group LLC came in with a bid two months ago, quickly placing a contract only to see its loan commitment fall by the wayside and escrow break. The deal subsequently was resurrected and repackaged. “It was a pretty grueling market due to the capital markets,” he says, adding the down time resulted in a higher occupancy at sale time.