Transwestern, Medical Real Estate Represent Owner in Sale
June 08, 2021
FORT WORTH, Texas – Transwestern Real Estate Services (TRS) announces 1212 W. Lancaster, a nearly 100-year old, 89,632-square-foot building, has sold to SBAB Realty LLC. Transwestern’s Jack Huff and Grant Huff, along with Medical Real Estate Inc.’s Stan Young, represented an undisclosed seller in the transaction. The new ownership, which was represented by Vipul Shah, has redevelopment plans for the property that have yet to be announced.
“Although the past year led to a period of uncertainty in the market, we are pleased a buyer recognized this asset’s attributes and saw the potential for the site,” Jack Huff said. “Being situated between the Arts District and downtown Fort Worth will help bring new energy to the future of this property.”
The 3-story facility opened in 1929 as the W.I. Cook Memorial Hospital and served the general population. In 1952, the hospital shifted its focus to concentrate only on children's medical services. In 1985, the building was purchased by a medical group that provided rehabilitation services, but it has been vacant in recent years.
“Medical Real Estate Inc. deals exclusively in medical properties, and this was a unique opportunity requiring expertise in many different disciplines,” Young said. “We were pleased to work with Transwestern on executing this project.”
According to Transwestern research, Fort Worth could become the next Austin as momentum builds around its urban environment and robust multifamily and hospitality development. Forward-thinking, adaptive reuse projects symbolize Fort Worth’s authentic urban experience that cherishes its architectural and cultural heritage.
In 2020, Fort Worth was ranked the No.1 Best Place to Live in Texas by Better Homes and Gardens Real Estate HomeCity, while multifamily units have grown by 43% in central Fort Worth over the last five years.
About Medical Real Estate, Inc.
Medical Real Estate, Inc. is an independent real estate brokerage, investment and development firm specializing in medical real estate. Our principals have been engaged in the real estate profession since the early 1970s.
About Transwestern Real Estate Services
Transwestern Real Estate Services (TRS) adds value for investors, owners and occupiers of all commercial property types through a comprehensive perspective and by providing solutions grounded in sound market intelligence. Part of the Transwestern companies, the firm applies a consultative approach to Agency Leasing, Asset Services, Tenant Advisory + Workplace Solutions, Capital Markets, and Research & Investment Analytics.
The privately held Transwestern companies have been delivering a higher level of personalized service and innovative real estate solutions since 1978. An integrated approach formed from fresh ideas drives value for clients across commercial real estate services, development, investment management and opportunistic programs for high-net-worth investors. The firm operates through 34 U.S. offices and global alliances with BNP Paribas Real Estate and Devencore. Learn more at transwestern.com and @Transwestern.