Sandy Baker

June 29, 2014

Philadelphia-area firm buys land off Interstate 20 for warehouse

Also, the area’s mortgage delinquency rate continues to drop and the Hulen Gardens apartment complex has been sold.

Liberty Property Trust, based outside Philadelphia, is proposing to build a speculative 644,280-square-foot warehouse on 41.8 acres it bought in southeast Arlington in December.

Liberty Property, an $8.8 billion real estate investment trust, owns 101 million square feet of space in the U.S. and the United Kingdom, according to its website. It was founded in 1972.

In December, the company bought the Arlington land at Bardin Road and New York Avenue, just south of Interstate 20 and west of Texas 360, from a Laredo investment group. It was acquired along with a warehouse at 5400 Alliance Gateway in north Fort Worth.

Mike Heise, a company vice president, said the company is applying for building permits but has not set a start date on construction. He said market demand will dictate that.

The company owns several properties around Dallas/Fort Worth Airport and in Plano but wants to expand in Tarrant County, Heise said.

The Arlington tract has good visibility to Interstate 20, he said.

In April, Exeter Property Group in Dallas said it leased a new 821,500-square-foot distribution center nearby the Liberty Property land. Exeter developed the building after the Arlington City Council approved a seven-year, 75 percent tax abatement for the $20 million project.

Mortgage delinquency rate dropping

Fewer area mortgage holders are falling behind on payments as the area’s foreclosure rate continues to decrease, according to CoreLogic.

In Fort Worth-Arlington, which includes Tarrant, Johnson, Parker, Wise, Hood and Somervell counties, 3.76 percent of all the mortgages were at least 90 days delinquent in April, compared with 4.17 percent in April 2013, CoreLogic said.

The area foreclosure rate among outstanding mortgage loans was 0.78 percent for April, a decline from April 2013, when the rate was 1.22 percent.

The rates are well below the national averages, CoreLogic said. The 90-day delinquency rate was 4.54 percent in April, compared with 5.78 percent in April 2013. The national foreclosure rate was 1.77 percent in April, compared with 2.66 percent in April 2013.

Hulen Gardens changes hands

Hulen Gardens, a 200-unit apartment complex at 7419 Tallow Wind Trail in Fort Worth, has been sold to Dallas-based Wak Management.

The property, at the corner of Hulen Street and Sycamore School Road, was sold by Fortis Co. in Shreveport. The price was not disclosed. It is Wak Management’s second Fort Worth property.

Hulen Gardens has a tennis court, swimming pool, fitness center, playground, covered parking and access gate.

Chris Deuillet of CBRE negotiated the deal.


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