FORT WORTH-Conti Warehouses has added to its existing portfolio of industrial properties by purchasing a 157,000-square-foot warehouse building formerly occupied by Levitz Furniture. The local investment firm acquired the property for an undisclosed amount; however, the property was listed at $2.4 million.
Situated on nearly 10 acres at 6913 W. Camp Bowie Blvd., the facility has been on the market since 2005 when it was acquired California-based Hearthstone Delaware Properties as an investment, according to Pete Richardson, a senior vice president with Henry S. Miller Brokerage.
Pete Richardson and his brother Drew Richardson brokered the deal on behalf of the seller, Hearthstone Delaware Properties. Conti was represented internally by Ryan Wood.
Pete Richardson tells GlobeSt. the property has been vacant for nearly 10 years. “Hearthstone Delaware bought the property as an investment, and we had it under contract several times to lease to distribution tenants and to sell to firms with redevelopment plans, but those contracts fell through,” he says.
Built in 1972, the warehouse contains a 51,000-square-foot showroom. Roughly 90,000 square feet of the building has 35' clear height and 65,000 square feet has 16’ clear height. It features nine acres of paved parking lot, 16 exterior loading docks and an 85’ signage tower.
Conti approached the Richardson team during the first quarter of this year about acquiring the property, Pete Richardson says. “They already had a tenant on the hook for the building, which made it easier to sell,” he adds.
Conti is known for acquiring vacant and underutilized properties and repurposing them. For example, the firm also acquired a vacant warehouse off 8th Avenue south of the medical district. The company has transformed a tired warehouse into office suites and small industrial spaces. Its portfolio consists of over 1.5 million square feet, primarily in Tarrant County.
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