March 3, 2017
Consolidated-Tomoka Land Co. acquired the 136,000-square-foot Westcliff Center in southwest Fort Worth. The Daytona Beach, FL-based buyer paid New York City seller R.D. Management $15 million for the center, which is anchored by a 39,000-square-foot Albertsons grocery store.
The shopping center at 3563 Alton Rd. in southwest Fort Worth is situated on 10.3 acres, and consists of four single-tenant properties and one multitenant property that are 96% leased. Albertsons has a triple-net lease, with five years remaining, at a lease rate that is below the current market rate. Cook Children’s Health Foundation has a triple-net lease at the second-largest facility, a 38,000-square-foot office building. Approximately two years remain on that lease. The multi-tenant property is anchored by a Dollar General and Ace Hardware stores.
“This property represents the purchase of a large land parcel with future renovation possibilities, that is leased to several credit tenants with the potential to increase the yield by going from low in-place rental rates to market rates,” said Consolidated-Tomoka President and CEO John P. Albright.
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