HURST, TX—A value-add opportunity located in a market that is finally rebounding from the Airport Freeway construction was an excellent investment opportunity for 1550 Norwood LLC. The 40,288-square-foot multi-tenant office building at 1550 Norwood was recently purchased by this opportunistic buyer. The property was built in 1985 on 4.61 acres in the Mid-Cities section of the metroplex.
SVN Trinity Advisors' Steve Fithian and Clint Montgomery represented the seller, AREI (Norwood-TX) LLC. John Fegan with Compass Realty represented the buyer.
“The Airport Freeway construction affected the occupancy levels of the office buildings along Airport Freeway when the highway was under construction. Occupancy levels dropped in a number of buildings, including 1550 Norwood, causing an increase in vacancies,” Montgomery tells GlobeSt.com. “This had a lot to do with the traffic challenges the construction created. Now that the highway construction is finished, these buildings are beginning to see occupancy levels increase, which is why the purchase of this building was a great investment opportunity.”
In another transaction in North Richland Hills, Stone Creek Real Estate Partners LLC recently purchased 6.91 acres of land at the northeast corner of Mid Cities Boulevard and Amundson Drive. The land will be used to build a senior living center in that area.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
