December 21, 2020
Colliers International’s Multifamily Services Team, led by Mark Allen, CCIM, teamed up with Colliers’ Cody Payne for the acquisition of Norwood Plaza at 1550 Norwood Dr. in Hurst. 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.
“We have seen an increase in cross-asset buyers coming from other asset classes like multifamily, retail and self-storage who have turned to us looking to diversify into the office and industrial investment world,” said Payne, SVP with Colliers International. “Our team is well versed in understanding the complexities of owning an office or industrial building.”
At the time of sale, Norwood Plaza was 100% leased with 27 tenants. It has undergone numerous interior and exterior renovations over the past two years.
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