A 122,828-square-foot office building located at 550 Bailey Ave. was sold at an undisclosed price.
FORT WORTH—A 122,828-square-foot office building located at 550 Bailey Ave. has been sold. The seller was the Diversified International Partners Fund and the price was undisclosed.
The building was fully renovated from 2008 to 2009, with the final upgrades to the common areas completed during ownership. The West Seventh District/Fort Worth Cultural District submarket has performed well during this economic cycle with vacancy remaining well below the metro average. Due in part to its location and accessibility, this submarket should continue to perform well, Transwestern predicts.
Vice president Jim Sager with Transwestern Commercial Services represented a user that acquired the building. Gary Carr, John Alvarado and Robert Hill of CBRE provided disposition services.
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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.
