Arlington, Texas (March 13) – In an off-market transaction, Hungs Enterprise LLC has sold the 35,917-sf Commonwealth Center near the 1.3-million-sf Parks at Arlington to a Dallas developer.
Located at 4200 S. Cooper St., Commonwealth Center was 73.1% leased at sale time to LG Arlington South Cooper. Comerica Bank, the only original tenant in the office building, along with Coldwell Banker Residential Brokerage NRT and Farmers Insurance Co. anchor an 11-tenant roster.
Judy Nitzinger, vice president of Coldwell Banker Commercial Advisors DFW, represented the local seller, who acquired the holding 25 years ago and watched its valuation increase significantly as South Cooper expanded to six lanes with turning lanes and developed into one of Arlington’s busiest thoroughfares. The two-story building, developed in 1983, is situated on a two-acre tract at the signalized intersection of South Cooper Street and Pleasant Ridge Road.
A cold call from the buyer’s broker, Nathan Wood of CBRE, opened the conversation. “Then, an aggressive letter of intent came into the office. It was a good opportunity to sell the building and move on to other things,” Nitzinger explained.
The property is situated in the heart of a regional destination for shopping, dining and entertainment. It backs up to a Holiday Inn Express and sits directly across the street from Parks at Arlington. Owned by Chicago-based GGP Inc., the eight-anchor mall is assessed at $138.5 million – 180 stores and 25 restaurants on 40 acres bordered by Interstate 20, Arbrook Boulevard and South Cooper Street.
“Commonwealth Center is a prime location with prominent visibility for any type of use in one of Arlington’s strongest retail corridors,” Nitzinger says. “The buyer had been researching the market for a redevelopment site and determined that this was the location they wanted.”