Arlington, Texas, July 20. 28, 2022 (GLOBE NEWSWIRE) — Nicola Wealth Real Estate (NWRE), in partnership with Birtcher Anderson & Davis (BA&D), has acquired Westway Business Park (“Westway”), located in Arlington, Texas, adjacent to I-20 in the center of the DFW metroplex. Courted by Stephen Bailey and his team at JLL, Westway follows NWRE’s entry into DFW with the late 2021 acquisition of 3120 Spur 482 and the 2451 South Beltline development site, both located in Irving, in Texas.
Westway Business Park is an eight (8) building, 360,423 square foot multi-tenant light industrial and flex office asset that offers significant value-added opportunity through proactive management and capital expenditures strategic. With an occupancy rate of 82% at acquisition and prevailing rents below market, the partnership will take advantage of the infill location and high functionality of the buildings to reposition the asset and increase its value.
“Westway is a great opportunity to grow our DFW presence while partnering with a high quality operator such as Birtcher Anderson & Davis,” said Matthew Schaeffers, Director of Acquisitions at Nicola Wealth Real Estate. “We are very pleased to partner with NWRE as we expand our DFW footprint,” adds Bob Thiergartner, Chief Investment Officer and Director at Birtcher Anderson & Davis.
“We look forward to executing this value-added strategy alongside BA&D,” adds Schaeffers, “and we will continue to seek high-utility, well-located industrial assets in DFW,” continues Thiergartner, “BA&D believes in DFW and its fantastic population and business growth.”
NWRE is focused 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-generating properties, executing build-to-own developments and value-added strategies.
To learn more about the Nicola Wealth Real Estate funds, visit real estate.nicolawealth.com
About Nicola Wealth Real Estate
Nicola Wealth Real Estate (NWRE) is the in-house real estate team of Nicola Wealth, a leading Canadian financial planning and investment firm with $12.1 billion (CAD) in assets under management (AUM). NWRE has an experienced and innovative team that sources and manages a growing portfolio of properties in major North American markets, spanning a diverse range of asset classes including industrial, multi-family rental apartments, offices, self-contained warehouses, retail businesses and seniors. lodging. NWRE’s current portfolio now exceeds $8.0 billion in gross asset value.
About Birtcher Anderson & Davis
Birtcher Anderson & Davis (“BA&D”) is a privately owned, California-based real estate investment, development and management firm, located in San Juan Capistrano, California, with additional satellite locations in CA, NV and AZ. BA&D is a vertically integrated real estate operating company focused on acquiring value-added, multi-tenant warehouse and light industrial properties in high-growth US markets. For more information visit: www.birtcherandersondavis.com
Westway Business Park, Arlington, Texas