Arlington, Texas, July 20, 2022 (GLOBE NEWSWIRE) -- Nicola Wealth Real Estate (NWRE), in partnership with Birtcher Anderson & Davis (BA&D), have acquired Westway Business Park (“Westway”), located in Arlington, Texas, adjacent to the I-20 in the center of the DFW metroplex. Brokered by Stephen Bailey and his team at JLL, Westway follows NWRE’s entry into DFW with the 2021 year-end acquisition of 3120 Spur 482 and development site 2451 South Beltline, both located in Irving, Texas.
Westway Business Park is an eight (8) building 360,423 sf multi-tenant light industrial and flex office asset that provides a significant value-add opportunity through proactive management and strategic capital expenditure. With an 82% occupancy rate at acquisition and in-place rents that are below market, the partnership will leverage the infill location and high functionality of the buildings to reposition the asset and increase value.
“Westway is an excellent opportunity to increase our DFW presence while establishing a partnership with a high-quality operator such as Birtcher Anderson & Davis,” states Matthew Schaeffers, Director of Acquisitions at Nicola Wealth Real Estate. “We’re very happy to be partnering with NWRE as we expand our DFW footprint”, adds Bob Thiergartner, Chief Investment Officer & Principal at Birtcher Anderson & Davis.
“We look forward to executing this value-add strategy alongside BA&D,” Schaeffers adds, “and will continue to pursue well-located high utility industrial assets in DFW,” Thiergartner continues, “BA&D believes in DFW and its fantastic population and business growth.”
NWRE is concentrated on growing in major US markets such as Las Vegas, Phoenix, Denver, Dallas/Ft. Worth, San Francisco, Minneapolis, and Seattle with a focus on acquiring income-producing properties, executing build-to-own development, and value-add strategies.
To learn more about the Nicola Wealth Real Estate funds, visit realestate.nicolawealth.com
About Nicola Wealth Real Estate
Nicola Wealth Real Estate (NWRE) is the in-house real estate team of Nicola Wealth, a premier Canadian financial planning and investment firm with $12.1 billion (CAD) of assets under management (AUM). NWRE has an experienced and innovative team that sources and asset-manages a growing portfolio of properties in major markets across North America spanning a diversified range of asset classes which include industrial, multi-family rental apartment, office, self-storage, retail and seniors housing. The current NWRE portfolio now exceeds $8.0 billion gross asset value.
About Birtcher Anderson & Davis
Birtcher Anderson & Davis (“BA&D”) is a California based, privately-owned real estate investment, development, and property management firm located in San Juan Capistrano, CA with other satellite locations in CA, NV, and AZ. BA&D is a vertically integrated real estate operating company focused on acquiring value-add, middle-market, multi-tenant warehouse and light industrial properties in high growth U.S. markets. For more information visit: www.birtcherandersondavis.com
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