Modoc Properties LLC has sold a fully leased office building in The Medical Centre in central Arlington to a local investor who outbid 10 others vying for an in-demand triple net-leased property.
The two-tenant building at 911 Medical Centre Dr. is one of six in the complex, which is situated within walking distance of the 369-bed Texas Health Arlington Memorial Hospital. Shane Benner, first vice president of Dallas-based Bradford Commercial Real Estate Services, represented the seller in the transaction.
“Triple net lease investors want pandemic-resistant investments. Medical office is seen as safe,” Benner says.
MaRuk Investment LLC was the strongest of the all-cash offers rolling in for the 7,156-sf building, set at one of the gateways to the multi-tenant campus. The buyer was self-represented.
The sale marks the end of a 17-month repositioning for the seller, who acquired the asset with one vacancy and quickly filled it. In place for the long term are Texas Pulmonary & Critical Care Consultants and Medical Centre Pharmacy.
“It was fully leased so it was the optimum time for the seller to realize value from the investment,” Benner says. “It was a great success story for my client.”
The Fort Worth-based seller is planning to parlay the gain into a 1031 Exchange. “We’re searching now the next asset,” Benner says.
NORTH TEXAS SALE
Modoc Properties LLC has sold a 7,156-sf medical office building at 911 Medical Centre Dr., Arlington, to MaRuk Investment LLC. Shane Benner, first vice president of Bradford Commercial Real Estate Services, represented the seller in the direct deal.
NORTH TEXAS LEASES
Leaf Home Safety Solutions LLC has leased 7,348 sf of office/warehouse space in Trinity West Business Park Building A, 2550 114th St., Grand Prairie, from William J. Owens Trust and CMO Investments. Michael Spain, executive vice president and managing partner of Bradford Commercial Real Estate Services, and Jim Ferris, vice president, represented the landlord in the direct deal. Dallas has leased 1,377 sf of office space in White Rock Tower, 6510 Abrams Rd., Dallas, from AG Commercial Management LLC. Melanie Hughes and Erik Blais, senior vice presidents of Bradford Commercial Real Estate Services, represented the landlord in the direct deal.
Southwestern & Pacific Specialty Finance has renewed 1,274 sf of retail space at 115 Sam Walton Way, Terrell. Paul Richter, vice president of Bradford Commercial Real Estate Services, represented the landlord, Welsh Irrevocable Trust, in the direct deal.
LEED Staffing West LLC has renewed 713 sf of office space at 8405 Sterling St., Irving. Michael Spain, executive vice president and managing partner of Bradford Commercial Real Estate Services, and Jason Finch, vice president, represented the landlord in the direct deal.
Kenneth Watkins has renewed 600 sf of office space at 2200 Smith Barry Rd., Pantego. Brandon Alexander, senior associate of Bradford Commercial Real Estate Services, represented the landlord, SJNP Investments LLC, in the direct deal.
Double Eagle Real Estate Holdings has renewed 377 sf of office space at 2200 Smith Barry Rd., Pantego. Brandon Alexander, senior associate of Bradford Commercial Real Estate Services, represented the landlord, SJNP Investments LLC, in the direct deal.
Lenik LLC has renewed 160 sf of office space at 2200 Smith Barry Rd., Pantego. Brandon Alexander, senior associate of Bradford Commercial Real Estate Services, represented the landlord, SJNP Investments LLC, in the direct deal.
Bradford Commercial Real Estate Services/CORFAC International is a full-service real estate company based in Dallas with an annual transactions volume exceeding five million square feet. The company manages and leases more than 20 million square feet, valued at $300 million, in North Texas for its strategic partners.
