Pantego land sells to Arlington-based investor

A vacant lot on Arkansas Lane in Pantego has been sold by its Houston-based owner to an Arlington limited partnership.

The 0.68-acre site, 2317 W. Arkansas Lane, is zoned for office and retail uses.

“This site is a diamond in the rough with 150 feet of frontage along a prominent four-lane road,” said Wayne Burgdorf with Coldwell Banker Commercial Alliance DFW, who represented the seller, Schnitzer Grandchildren’s Trust. “It’s a strong location for a retail business or professional office.”

Buying the property was TPS Family, an Arlington-based investor group. Steve Turnbow with MGM Equity Partners represented the buyer.

DFW negative-equity rate drops

Dallas-Fort Worth has one of the lowest rates of negative equity, where homeowners are underwater on their mortgages, according to home data provider Zillow.

According to a recent report, the negative equity rate in Dallas-Fort Worth fell in the first quarter to 6.9 percent from 8.6 percent in the fourth quarter of 2014, Zillow said. A year ago, negative equity was at 13 percent in the Metroplex.

Nationwide, the rate of negative equity among mortgaged homeowners was 15.4 percent in the first quarter, compared to 18.8 percent a year ago, Zillow said.

More than 4 million homeowners owe lenders at least 20 percent more than their homes are worth, the report said. That means those homes would have to appreciate by at least 20 percent for their owners to have any chance of breaking even on a sale, Zillow said.

At the peak of the real-estate crisis, more than 15 million homeowners owed more on their mortgages than their homes were worth, Zillow said.

Transactions

3121 Pinewood Drive, Arlington

Ross & Bill Investments bought this 46,060-square-foot building. Patrick Embry with NAI Robert Lynn represented the buyer. John Brewer with Transwestern represented the seller, GSW Pinewood in McKinney.

1600 Airport Freeway, Bedford

Alliant Purchasing has leased 1,812 square feet of office space. Colt Power and Kent Smith with NAI Robert Lynn represented the tenant. Rhonda Berry with Compass Realty represented the landlord.

2101 Ephriham Ave., Fort Worth

JDR Investments, which does business as My Car Store, leased 4,500 square feet from Jack 2199. Todd Hawpe with Transwestern represented the tenant. Sarah LanCarte with Transwestern represented the landlord.

6126 Southwest Blvd., Fort Worth

Security technology provider Dividia Technologies leased 3,494 square feet from M&L Fort Worth Partners. Bill Behr with Transwestern negotiated the deal.

4205 Stadium Dr., Fort Worth

Planet Signs leased 2,048 square feet from Tyler-Hamilton LP. Jeff Givens and Tracy Georges with Transwestern represented the landlord.

6400 Wulinger Way, North Richland Hills

XL Parts Partnership has leased 12,800 square feet of office/warehouse. Todd Hubbard with NAI Robert Lynn represented the landlord, EC Browning Ltd. Todd Hawpe and Clint Riley with Transwestern represented the tenant.

This story was originally published June 21, 2015 at 4:19 PM with the headline "Pantego land sells to Arlington-based investor."