FORT WORTH— Colliers International North Texas announced the sale of Western Place I & II office buildings to Fort Worth-based buyer, TLC Urban.

“This was a complicated transaction which required the assumption of a CMBS loan,” said Creighton Stark of Colliers. “We were grateful to have worked with such a sophisticated buyer, TLC Urban, which was able to get the deal done.”

Located in southwest Fort Worth fronting I-30, 11-story Tower I and 10-story Tower II are occupied by institutional tenants including Lockheed Martin and BAE Systems.

Sovereign Capital was the seller of the properties with a total 427,000 square feet.

“South Fort Worth is one of DFW's best performing submarkets, with a vacancy rate of 6.8% versus 14.8% for the overall Metroplex,” added Ben Lurie. “With limited new construction underway in the area, this property is positioned to outperform over the next several years.”

Mark McEwen, Stark and Lurie of Colliers International's Capital Markets Group were the sole brokers in the transaction.