Belay Investment Group, along with its partner Birtcher Anderson & Davis, announced the sale of a 170,465 square-foot two building project, including a Cooler/Freezer building located at 1101 and 1115 E 23rd Street, Fort Worth, TX for $17,800,000. The property was centrally positioned in a supply-constrained, high-demand area, providing strategic access to Fort Worth businesses and was comprised of a vacant Cooler/Freezer Building that provided multiple options for the requirements of a variety of occupants, and a fully-leased freestanding 6,220 square foot building.
Belay Investment Group and Birtcher Anderson & Davis engaged the local offices of JLL and CBRE to market the property for both the potential lease-up and/or sale of the property. “The JLL and CBRE teams were instrumental in enabling us to exit the property earlier than we underwrote by communicating to prospective buyers the repositioning plan we had developed, which clearly laid out the great potential for the vacant building and the site” said Daniel Karcher, Birtcher Anderson & Davis President.
Stephen Bailey, Cole Sutter and Wells Waller of JLL teamed up with CBRE’s industrial Food Facility experts Kevin Kelly and David Sours in identifying a user for the vacant facility, Dallas-based Standard Meat Co., who purchased the entire site including the adjacent occupied building.
“The Birtcher team has proven to be a valuable partner and true sector specialist, and the disposition of this cold storage asset is just one example of their adept execution of asset management at our Dallas-based industrial portfolios” said Eliza Bailey, Chief Executive Officer and Chief Investment Officer at Belay. “We are pleased with our favorable exit at E 23rd Street and believe it is a testament to the durable value of well-located, highly functional industrial product” said Jake Loughridge, Managing Director at Belay. “We’re eager to seize on this momentum as we continue to work alongside Birtcher at our remaining Dallas Fort Worth assets.”
The 166,015 Sq. ft. 1101 E 23rd Street building was recently vacated by a Cold Storage Logistics provider who was in occupancy for twelve (12) years, and included a large secure yard, 34 dock-high doors, 20 trailer parking stalls and private offices.
About Birtcher Anderson & Davis
Birtcher Anderson & Davis (“BA&D”) is a California based, privately-owned real estate investment, development, and property management firm located in San Juan Capistrano, CA with additional satellite locations in CA, NV, and AZ. BA&D is a vertically integrated real estate operating company focused on acquiring value-add, middle-market, multi-tenant warehouse and light industrial properties in high growth U.S. markets. For more information visit: www.birtcherandersondavis.com
Birtcher Anderson & Davis has not received or provided any cash or any non-cash compensation in exchange for the statements made in this press release. As a result of Belay’s investment in 1101 and 1115 E 23rd Street, Birtcher Anderson & Davis and its personnel have an incentive to make positive statements about Belay and the 1101 and 1115 E 23rd Street asset.