LFP tees up flex office in northeast Fort Worth
The firm plans three 16,000-square-foot buildings
Nearly 50,000 square feet of flex office is coming to northeast Fort Worth following the acquisition of 6.5 acres of land in one of the city’s longest freeway corridors.
LFP Properties has purchased a strip of land along Loop 820 to develop into three 16,000-square-foot flex office buildings.
Located about a half-mile north of Interstate 30 and four miles south of the Texas Highway 183/121 split, it will feature 985 feet of frontage along the freeway and an additional 285 feet of direct access to Sandybrook Drive.
The financial terms were not disclosed, but construction is expected to begin midyear 2023.
Plans reference suites ranging from 2,000 to 6,000 square feet in addition to options for single-tenant and build-to-suit structures.
“There’s been no new flex product developed in this area for several years,” said Erik Blais of Dallas-based Bradford Commercial Real Estate Services, who represented the LFP in the deal.
“The demand for smaller office flex space will only get stronger. We definitely are excited about getting this project off the ground.”
The flex office market in the Lone Star state has certainly been having a record year, accounting for more than 1.4 percent of all office space in the city of Houston in the first quarter of 2021.
It also grew by 5.3 percent in Houston year over year at the time of that report, and cities like Dallas are slowly beginning to follow suit, especially in the wake of WeWork’s recent acquisition of Dallas-based coworking firm Common Desk.
“The activity in this corridor seemed to pick up as we went through the process so that’s an encouraging sign as LFP works to finalize development plans,” Blais said.
LFP secured rezoning to build office/showroom and warehouse space on the land.