Mansfield's continued growth has spurred the sale of nearly 41 acres of development land along U.S. Highway 287 to two unrelated buyers, who are planning to develop a business park and self-storage complex on adjoining tracts in southern Tarrant County.
The sales closed simultaneously with a cross-access agreement as part of the terms between All Storage, which bought 5.3 acres, and a new partnership, 34.5 Acres Highway LLC, which purchased the neighboring 35.5 acres. The light-industrial development sites are located at the junction of Highway 287 and Commerce Drive in south Mansfield.
Wayne Burgdorf, vice president of Arlington-based Coldwell Banker Commercial Advisors DFW, represented the sellers, LEJJ Realty LLC (5.3 acres) and Premier Funding Group Inc. (35.5 acres). All Storage's broker was Coy Quine of Quine & Associates Inc. of Richardson and the other buyer had Clay Wilkinson of Ritter & Associates of Mansfield negotiating on its behalf.
All Storage is planning to develop two climate-controlled buildings, totaling 216,723 square feet. Development plans are pending with the city.
Unlike the All Storage site, the larger tract of raw land needs additional utility lines and access roads, one of which necessitated the cross-access agreement. Plans call for subdividing the land into sites ranging from two to 10 acres. The land has 1,500 feet of unobstructed freeway visibility, in-place Triple Freeport tax exemptions and potential rail access along its northern boundary. Development of the unnamed business park will be demand-driven.
"We've already had interest in these smaller sites," Burgdorf said. "The neighboring Hillcrest Business Park is nearing build-out, which is why there is strong demand for more industrial sites in this area."
Mansfield has experienced exponential growth since 2000 as a bedroom community for Fort Worth and Arlington. The population has more than doubled to nearly 70,000 and the average annual household income is $110,725.
According to the Mansfield Economic Development Corp., only 60 percent of its acreage has been developed. The southern sector has the largest inventory of available land for commercial and residential development. The stretch of Highway 287 is bustling. The neighborhood includes Fieldhouse USA, which opened a multi-sports community facility in January. Hobby Lobby is poised to open north of the just-sold sites and Academy Outdoors and Belk plan to break ground soon. Also under construction is the Mansfield Dr Pepper StarCenter ice arena, which is slated to open in November. And to the south are 2,230 acres in various stages of development for three single-family residential communities.
"Mansfield is well on its way to becoming more than a rural bedroom community, as we've seen in the past few years. It's a hotbed of development and investment activity," said Burgdorf, who's witnessing a significant rise in interest and sales of land.
AMERICAN TIRE DISTRIBUTORS
OPENS ALLIANCE CENTER
American Tire Distributors Inc. (ATD) marked the grand opening of its 756,000-square-foot Alliance Regional Mixing Center at Alliance Gateway 60. The facility is ATD’s hub for the entire southern region, handling international imports and servicing more than 40 distribution centers throughout the southwest. The center will add more than 70 jobs to North Texas.
“The Alliance Regional Mixing Center rounds out our existing presence on the East and West coasts and in the Midwest. It enhances our customer service by enabling us to deliver tires in two days or less to 88 percent of our distribution centers,” said David Dickey, chief supply chain officer with ATD. “This ability to combine and expedite inventory to distribution centers affords customers the best possible selection of products for sales and service. The facility also increases our capacity, which helps us accomplish some of our long-term growth initiatives.”
The Alliance center is ATD’s fourth in the nation. It will replenish tires for 32 of the company’s 120 distribution centers throughout the southwest. It will store about 500,000 tires and has a capacity of up to 950,000.
Iris Enterprises LP purchased 4.3 acres located at 1303 Royal Parkway, Euless. Russ Webb with Silver Oak Commercial Realty represented the seller.
Sunset Park LLC purchased a 4,200-square-foot building located at 6144 Precinct Line Road, Hurst, from JPC Realty Ltd. Russ Webb with Silver Oak Commercial Realty represented the seller.
Scott Lowe at Vision Commercial and Ben Summer of Centurion Partners recently completed sale negotiations at 1112 E. Copeland Road in Arlington. The five-story complex consists of one A class building with multiple tenants on an acre lot. Summer represented the buyer, Centurion Partners. Vision Commercial represented the seller, Taylor Gandy.
Marcus & Millichap has sold Park Glen Medical & Professional Office Park, a 9,246-square-foot multitenant medical and professional office building at 5407 Basswood Blvd. in Fort Worth, according to Tim A. Speck, first vice president/district manager of the firm’s Dallas office. Wayne Bares of the Dallas office and Cody Payne in the Fort Worth office had the exclusive listing to market the property on behalf of the seller, a private investor.
Siemens Real Estate has leased 4,007 square feet from Rainier Offices at Brookhollow LLC at The Offices at Brookhollow, located at 1701 E. Lamar Blvd. in Arlington. Jim Poynter with Tenant Realty Advisors LLC represented the landlord and Casey Hilbun and John Wolf of Newmark Grubb Knight Frank represented the tenant.
Ethan Newcomer has leased 1,784 square feet of office space in Tribros Plaza, 3825 Green Oaks Blvd., Arlington, from Tribros Properties. Beaux Riley of Coldwell Banker Commercial Advisors DFW represented the landlord. Valerie Goodwin of Mensal Realty represented the tenant.
Lubrication Engineers Inc. has leased 4,786 square feet of space in the Fossil Creek Business Park at 3800 Sandshell Drive in Fort Worth from Fossil Creek Crown Partners Ltd. Nathan Vasseur and Gary Vasseur of Vasseur Commercial Real Estate Inc. represented the tenant.
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