I’m proud of our team @FortCapitalLP for completing the purchase of Merrick Business Park, our 4th acquisition in Irving, TX.
- 115,000 sq ft in one of the fastest-growing cities in the country W of Dallas.
- 115,000 sq ft in one of the fastest-growing cities in the country W of Dallas.
- Sourced off-market through direct negotiation with the seller.
- Located directly next door to property Fort purchased in early 2019 which creates operational efficiencies and gave us great insight into u/w the asset.
- Seller financed, 75% LTV.
- Located directly next door to property Fort purchased in early 2019 which creates operational efficiencies and gave us great insight into u/w the asset.
- Seller financed, 75% LTV.
- We will mark to market rents as we get through the rent roll and also convert gross leases to NNN. (Current rents 26% below market.)
- Entire roof replaced 5 years ago.
- Cosmetic cap-ex on the exterior includes monument signage, paint, landscaping, and parking lot striping.
- Entire roof replaced 5 years ago.
- Cosmetic cap-ex on the exterior includes monument signage, paint, landscaping, and parking lot striping.
We will manage the property through our management business, FCP Management.
@jcprice91 will lead asset management
Our pipeline is full and we are looking for more opportunities like this across major Texas markets.Please DM me if you know of an opportunity we should look at.
@jcprice91 will lead asset management
Our pipeline is full and we are looking for more opportunities like this across major Texas markets.Please DM me if you know of an opportunity we should look at.
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