BH Properties, a Los Angeles-based real estate company that specializes in buying and repositioning challenged or distressed assets, closed its deal on Friday to buy six RadioShack properties, including five in Fort Worth.
Last week, the company received bankruptcy court approval to buy the properties, including five warehouses totaling 1.8 million square feet, and some land, for $39.2 million. One warehouse is near Sacramento, Calif.
The tight industrial market in Dallas-Fort Worth attracted BH Properties to the RadioShack portfolio, said Andrew Van Tuyle, chief acquisitions officer for BH Properties. He said the properties have been well maintained.
“These assets are quite different,” Van Tuyle said. “This is a unique combination of industrial distribution assets varying in size, class and location. It needed a creative buyer to understand the complexities of the portfolio. We have no doubt these properties will be successful.”
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The industrial market in Tarrant County sits at a historically low 6 percent vacancy rate, according to market reports.
BH Properties said it will lease the a location on Bolt Street back to RadioShack for a year. It plans to find tenants for the other warehouses, which are vacant, Van Tuyle said. Two larger properties on Terminal Road will likely be divided for multiple tenants.
In Fort Worth, the properties are a 132,000-square-foot factory/warehouse on 9.16 acres at 401 NE 38th St., built in 1960; a 136,570-square-foot factory/warehouse on 5 acres at 3131 W. Bolt St., built in 1963; a 639,000-square-foot distribution center on 23.55 acres at 900 Terminal Road, built in 1975; and a 600,000-square-foot warehouse on 23.55 acres at 1000 Terminal Road, built in 1991.
The sale also includes a 7-acre tract between the 38th Street and 900 Terminal Road properties.
The Fort Worth-based electronics retailer, which filed for bankruptcy in February, previously sold more than 1,700 stores to the New York hedge fund Standard General. A RadioShack warehouse in Hagerstown, Md., sold for $11.4 million to SK Realty Management. The portfolio sale is the latest in the retailer’s Chapter 11 asset sales.
BH Properties was founded in 1997 and owns 85 properties in 17 states. It has regional offices in Dallas and Salt Lake City.
Locally, it owns two Dallas office buildings, commercial properties in Mansfield, Grand Prairie, DeSoto, Duncanville and Richardson, and an 89,282-square-foot shopping center at 6801 NE Loop 820 in North Richland Hills, according to its website.
Sandra Baker, 817-390-7727