ALLEN MULTIFAMILY TEAM FACILITATES ACQUISITION OF NORWOOD PLAZA IN HURST
(DALLAS—December 17, 2020) Allen Multifamily Team’s Multifamily Services Team led by Mark Allen CCIM teamed up with Colliers’ Cody Payne for the acquisition of Norwood Plaza, located at 1550 Norwood Drive in Hurst, Texas. The property consists of two single-story Class B, garden style office buildings. The asset was swapped in a 1031 Exchange with the Bonita Garden Apartments.
“Our multifamily clients can dispose of their assets with assured confidence as we are able to provide numerous 1031 Exchange options,” said Mark Allen CCIM, senior vice president with Allen Multifamily Team.
“We have seen an increase in cross-asset buyers coming from other asset classes like multi-family, retail and self-storage who have turned to us looking to diversify into the office and industrial investment world. Our team is well versed in understanding the complexities of owning an office or industrial building,” said Cody Payne, senior vice president with Allen Multifamily Team.
Norwood Plaza is a multi-tenant office park located in Hurst, TX. The building was 100% leased with 27 tenants and underwent numerous interior and exterior renovations over the past two years. The property offers a well-established tenant base with a strong historical occupancy in a great submarket of DFW. Located just North of Airport Freeway (183) and prominently situated in the Mid-Cities between Dallas and Fort Worth, Norwood Plaza has high visibility and immediate access to major highways (820 / 183 & 121) allowing convenient transportation through all of the DFW Metroplex.