Transwestern
A nearly 100-year-old building at 1212 W. Lancaster Ave. near downtown Fort Worth has sold, Transwestern Real Estate Services announced.
SBAB Realty LLC bought the 89,632-square-foot building and 1.5-acre site, Transwestern said. Transwestern’s Jack Huff and Grant Huff, along with Medical Real Estate Inc.’s Stan Young, represented the seller, Transwestern said. Health South was the previous owner, according to tax records.
"The new ownership, which was represented by Vipul Shah, has redevelopment plans for the property that have yet to be announced," Transwestern said in a release.
"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 in the release. “Being situated between the Arts District and downtown Fort Worth will help bring new energy to the future of this property.”
The three-story facility opened in 1929 as the W.I. Cook Memorial Hospital. In 1952, the hospital shifted its focus to focus on children. In 1985, the building was purchased by a medical group that provided rehab 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.”
Medical Real Estate, Inc. is an independent real estate brokerage, investment and development firm specializing in medical real estate.
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