Business

RadioShack hires firm to sell seven warehouse buildings

Bankrupt RadioShack, which is closing hundreds of stores, is selling four industrial properties in Fort Worth.
Bankrupt RadioShack, which is closing hundreds of stores, is selling four industrial properties in Fort Worth. Star-Telegram

Fort Worth-based RadioShack has hired a New York real estate firm, DJM Real Estate, a division of Gordon Brothers Group, to sell seven industrial properties, including four distribution centers in Fort Worth.

The other properties are in Woodland, Calif.; Burlington, Iowa, and Swannanoa, North Carolina. The sales are subject to approval by the Bankruptcy Court in Delaware where RadioShack filed for reorganization protection in February.

All properties will be delivered vacant, DJM said.

“This portfolio of RadioShack's distribution centers and warehouses has drawn a lot of attention already,” said Mark Dufton, DJM’s chief executive. “We have received strong expressions of interest from national players as well as regional and local investors. We have been speaking to some potential owner occupier replacement tenants as well.”

In Fort Worth, the properties are a 132,000-square-foot manufacturing/warehouse on 9.16 acres at 401 NE 38th St., built in 1960; a 136,570-square-foot manufacturing/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 distribution warehouse on 23.55 acres at 1000 Terminal Road, built in 1991.

Fewer local mortgage holders ‘underwater’

The number of residential properties in Fort Worth-Arlington that are “underwater” dropped nearly 2 percentage points in the fourth quarter of 2014, a recent CoreLogic report finds.

Locally, 2.7 percent, or 10,579, of mortgage holders had negative equity, or owe more than their homes are worth. That compares to 4.4 percent, or 16,963 properties, in the fourth quarter of 2013.

Nationally 5.4 million, or 10.8 percent, of all mortgaged properties were underwater in the fourth quarter, said CoreLogic, a property information and analytics firm. This compares to 5.2 million homes, or 10.4 percent, reporting negative equity in the fourth quarter of 2013.

“Negative equity continued to be a serious issue for the housing market and the U.S. economy at the end of 2014,” said Anand Nallathambi, CoreLogic’s president and CEO. “We expect the situation to improve over the course of 2015.”

Commercial construction contracts tumble

The value of commercial construction contracts for North Texas projects signed in January dropped 42 percent from January of 2013, according to the latest Dodge Data & Analytics report on contract awards.

Commercial contracts totaled $224.9 million in January, down from $387.3 million a year ago.

Contracts for residential construction totaled $689.4 million in January, down 4 percent from $717.9 million a year ago.

Transactions

1541 Parkway Lane, Arlington

Parkway East Townhomes, a 70-unit community built in 1971, has been sold to PWA Partners in Vernon Hills, Ill. by East Arlington Homes LP in Houston. Matt Davis with Marcus & Millichap negotiated the deal.

2920 S. Cooper St., Arlington

The 7,000-square-foot building built in 2000 and leased to Aaron’s Rentals has been sold by 23328 Sherwood Llc. in Huntington Woods, Mich., to private investors Jenster, Llc. in Georgetown and 1202 UPAS Llc. in San Diego. Jason Vitorino and Jared Aubrey with Marcus & Millichap negotiated the deal.

1201 E. Berry St., Fort Worth

This 1,176-square-foot former Church’s Fried Chicken was bought by Tom Van Nguyen, who owns several Lisa Chicken locations. Dawn Gazaway-Potthoff with Coldwell Banker Commercial NRT represented the seller, Judith Horning of Fort Worth.

3541 Alta Mere Dr., Fort Worth

Hassan Kalie bought this 11,850-square-foot building from the Lock Estate. John Casburn and Chris Stewart with Vasseur Commercial Real Estate represented the seller.

1901 N. Carrier Parkway, Grand Prairie

Hebron Community Church has bought this 5,070-square-foot church on 2.4 acres from Crosspoint Church of Christ. The building was built in 1973. Gene Livens with Service Realty negotiated the deal.

Sandra Baker, 817-390-7727

Twitter: @SandraBakerFWST

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