Prescott Realty Group acquires Fort Worth’s Summit Office Park

by PegNews wire

FORT WORTH — Prescott Realty Group announces its acquisition of the Summit Office Park’s twin towers, consisting of 241,250 square feet of office space near downtown Fort Worth, Texas. The Prescott Realty acquisition was funded by GE Real Estate and includes plans for capital improvements which will modernize the building.

“Summit Office Park is a well located, quality office building which provides Prescott with the perfect opportunity to re-enter the Fort Worth market as an owner of office building assets,” said Jud Pankey, chief executive officer of Prescott Realty Group.

“We are bullish on the Fort Worth economy and especially the Central Business District which enjoys 90 percent occupancy rates - among the strongest Metroplex submarkets,” noted Pankey. “GE’s financial support of this acquisition demonstrates that financing remains available for well-located and positioned office buildings, despite recent debt market challenges.”

Prescott Realty Group is a Dallas-based, full-service commercial real estate investment, development and operating company. The company focuses its resources on neo-traditional, urban infill sites and mixed-use developments providing people live/work/play pedestrian-oriented neighborhoods.

Source: Prescott Realty