BEDFORD, TX- Sapience Partners Ltd. sold a 43,428-square-foot, two-story office building in Tarrant County to a financial services company for its new headquarters. Calvert Family Holdings of Colleyville, TX. which specializes in automobile financing, acquired 1320 Tennis Dr. in an all-cash transaction.
The empty class B building is directly behind a vehicle dealership and close to Airport Freeway and SH 121 and 183 in a neighborhood of retail and multifamily complexes. It had once housed Sapience's restaurant software development business, Aloha POS, which was sold to NCR Corp. in 2011.
The 1980s building was originally a health club. During its hold, the software developer had outfitted the building with heavy power and extensive networking capability, both of which are ideally suited to Calvert Family Holdings' business needs. The 3.2-acre property also has a 3.5 per 1,000 parking ratio.
"This building is in remarkably good condition for being vacant so long," says Karen Simon, executive vice president and managing partner of Bradford Commercial Real Estate Services. She and Erik E. Blais, Bradford's market director, represented the seller. The buyer was represented by Josh Born of Keep Real Estate Holdings LLC.
During the course of the marketing, the seller received several offers from churches and schools, due to the office building's design and amenities – an open atrium, high-quality executive offices, basketball court, two racquetball courts, gymnasium, commercial kitchen and covered swimming pool.
"The property has been sold to someone looking for value," Simon stresses, "and it sold well below replacement cost. It has very nice executive offices and large pods with multi-tenant potential if the buyer chooses."
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