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07/11/2012

FW office towers Western Place are sold to California investors

The Western Place office complex along the West Freeway in Fort Worth has been sold to a San Diego real estate investment firm for $32 million.

 

 

 

 

 

The American Recovery Property Trust, or ARPT, bought the twin 10-story buildings from G REIT Liquidating Trust and NNN Realty Investors in Santa Ana, Calif., according to a Securities and Exchange Commission filing. The multitenant property, on nearly 13 acres, was sold June 15.

ARPT paid $20 million in cash and 1.2 million shares of stock valued at $12 million, the filing said. It financed the deal with a $24 million note from Goldman Sachs Commercial Mortgage Capital, deed records show. According to the SEC filing, ARPT paid $4 million in closing costs and holdbacks for tenant improvements, reserves and taxes.

Todd Mikles, CEO and controlling shareholder of Sovereign Capital Management Group in San Diego, is president of ARPT.

G REIT owned 78.5 percent of Western Place and NNN Realty Investors owned 21.5 percent.

G REIT was founded in 2001 to buy, manage and invest in office, industrial and service real estate properties. In 2006, stockholders voted to liquidate. In December, the trust still owned three properties, including Western Place, at Westridge Avenue and Interstate 30.

G REIT bought Western Place in 2004 from Skyrise Properties in Dallas.

Western Place  was built in 1978 and was the headquarters for Western Co. of North America. It has also been owned by Travelers Insurance Co. and Texas Health Resources.

_ Sandra Baker

 

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