Mar 8, 2017
Westcliff property brings $15M
FORT WORTH – Consolidated-Tomoka Land Co. has aquired the 136,000-sf grocery-anchored shopping center located at 3563 Alton Rd. for $15.0 million at a 6.28 percent cap rate. Known as Westcliff, the property is...
FORT WORTH – Consolidated-Tomoka Land Co. has aquired the 136,000-sf grocery-anchored shopping center located at 3563 Alton Rd. for $15.0 million at a 6.28 percent cap rate.
Known as Westcliff, the property is an in-fill location on 10.3 acres and consists of four single-tenant properties and one multitenant property situated on three separate, but contiguous, land parcels.
The anchor property is a 39,000-sf building leased to Albertsons under a triple-net lease. About five years remain on the lease.
Cook Children’s Health Foundation leases the second largest property, a 38,000-sf office building.
The multitenant property is approximately 55,000 sf and is anchored by Dollar General and Ace Hardware.
The property, in aggregate, is 96 percent leased with a weighted average remaining lease term of approximately 4.1 years.
It is located near downtown Fort Worth and less than a mile from the campus of Texas Christian University.
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