June 7, 2016
Stanley Fong ended his 10-year-plus hold on Walnut Plaza with its sale to local buyer 2000 Walnut Plaza LLC in Arlington, TX. The sales price for the 19,724-square-foot retail center was undisclosed; the Tarrant Central Appraisal District assessed it at $2.5 million.
Walnut Plaza is at 2000 N. Farm-to-Market Road 157 with tenants including Rent-A-Center and H&R Block. Both tenants have been in their spots for 18 years.
“It’s an older center, but it has a lot of good value,” said seller representative Joe Hamilton, an associate of locally based Coldwell Banker Commercial Alliance DFW. Walnut Plaza, built in 1985, will be renovated. “He has other retail properties in the area,” Hamilton said, “so he understands the value-add potential of this asset in terms of upgrades and demographics.”