You might not know Weatherby Business Park. After all, it’s in Burleson, southwest of D/FW. But Weatherby is a bellwether, if you will, of all the frenetic action taking place in our commercial real estate world.
The six-building flex complex was recently sold by Colliers International, with Cody Payne, Austin Edelmon, and Michael Tran brokering the deal. The building was bought by a private investor
We caught up with Cody to absorb the full impact of this sale:
CD: You have been telling me that this market is on fire, how long did it take to sell Weatherby?
Cody: We were able to generate multiple competing offers on this highly desirable Flex Portfolio Investment, due to the demand for industrial and flex business parks. Investors from all over the country are trying to acquire this type of product in the Dallas-Fort Worth region. At the time of closing, this project was 100 percent leased with below-market rents and showed incredible interest and activity through a global pandemic.
CD: And where did the buyers come from? Who are they?
Cody: The buyers were from out of state, showing the high demand as investors seek areas where they can put their capital to work. Flex/Industrial properties have continued to lead the DFW market as office employees continue working from home. These assets provide stable lease terms providing long-term returns for investors.
CD: Speaking of WFH, how long do you see that trend continuing?
Cody: I see it happening longer for larger companies and corporations, you see this as you drive through parts of Las Colinas and North Dallas with numerous office buildings having empty parking lots. A lot will also depend on the Delta Variant because we have already seen it take a bigger toll on the job market than expected.
CD: Which means office will continue to be soft, and the at-home office more important than ever. How old was this property?
Cody: The subject property was built in 2008, high-quality construction, and is situated in a very good submarket of the Dallas / Fort Worth Metroplex. The asset is located at 4305 FM 1187 in Burleson, Texas, and is nestled in what is known as the South-Central Tarrant County Industrial Submarket.
CD: So Weatherby was a good investment?
Cody: Yes, a secure investment with a stabilized tenant base.
CD: Why is the location so important?
Cody: Weatherby Business Park is strategically located on a heavily traversed corridor of Burleson (E Rendon Crowley Rd) offering excellent visibility and easy access to nearby highways in a high growth area with excellent demographics.
CD: Talk to me about the demographics:
Cody: The surrounding area is a strong, growing submarket of Dallas/Fort Worth, with persistent growth and construction in the immediate vicinity. Burleson is a dynamic community which has experienced explosive growth, offers a unique atmosphere, and is prominently situated in the south end of the DFW Metroplex offering easy accessibility to the urban centers and to DFW International Airport.
CD: How is the housing out there?
Cody: The housing is booming, there’s nearly a 15% increase in median home pricing since last year with a 34 days on market average. We see numerous home developers continue to build and buyers love looking into cities like Burleson for because they can save money by living a little further out.
