Today, Westmount Realty Capital, LLC sold one of its legacy assets, Fountain Parkway, a 301,399-square-foot warehouse and manufacturing facility spanning approximately 14 acres in the popular Great Southwest Industrial Park in Grand Prairie. Westmount first purchased the property, located at 602 Fountain Parkway, in 1988. This property was one of the company’s first investments and established Westmount as a pioneer in the industrial real estate sector.
“The culmination of this investment is particularly gratifying for Westmount,” said Westmount Founder and Chairman Cliff Booth. “This building was acquired as a single-tenant facility with the original tenant ARA Industries and was transformed into a multi-tenant facility over time. We have a long and fruitful relationship with this property and wish the owners continued success with it.”
Great Southwest Industrial Park continues to be one of North Texas’ largest industrial parks, sitting on 7,000 acres in Grand Prairie and Arlington and has easy access to Interstate 30 and State Highway 360.
“The property served our national portfolio well for a long time,” said Julie Butticarlo, Westmount’s
director of asset management. “Due to demand in the Great Southwest submarket, the current cap rate compression and the low number of comparable buildings for sale, we determined it was the optimal time to sell.”
Bollinger Industries, a manufacturer of fitness equipment, was a long-term lead tenant of this property for many years until the tenant base diversified and became multi-tenant in 2007. The warehouse has 16 dock doors, five drive-in doors with up to 17-foot, 6-inch clear heights, warehouse exhaust fans, heavy power and outside storage. Westmount added a heat-resistant thermoplastic polyolefin (TPO) roof to the property, executed a significant lighting retrofit and improved the parking lot, adding an overlay, seal and new exterior paint. The property currently has 219 parking spots with expansion opportunity totaling 532 potential parking spaces.
Reed Parker and Adam Graham of DFW Lee & Associates represented the seller in the sale transaction.