In the ongoing disposition of its land holdings, Herman Smith & Co. Ltd. has sold a 4.1-acre tract in Hillcrest Business Park to the city of Mansfield.
The just-sold vacant parcel is located at 1701 Commerce Dr. Key to the sale is the site's proximity to other Mansfield-owned municipal properties, including the city's police station and detention center. Wayne Burgdorf, associate broker and vice president of Coldwell Banker Commercial Advisors DFW, represented the seller. Negotiating for the city was Julie Short of Coldwell Banker Residential.
In the past 18 months, Burgdorf has sold roughly 65 acres of development land in Mansfield's US Hwy. 287 corridor to investors, developers and now the city. "I think city officials just gobbled up this acreage for future needs," he says.
The light industrial-zoned site is located across the freeway from the 2,600-acre Reserve Planned Development District and just north of three other large residential and commercial projects, totaling 2,125 acres. The Reserve, created in 2006, has emerged as city's economic center, a master-planned mix of medical, corporate, industrial and commercial development.
Years ago, Herman Smith & Co., an investment and development firm based in Tarrant County, had purchased a couple hundred acres in the Mansfield area. The company has one remaining tract – 3.08 acres on the west side of US 287's service road. The triangular-shaped parcel has freeway frontage and direct access to the four-lane Heritage Parkway.
"Mansfield definitely has matured in the past year or so. Its strong growth is continuing," says Burgdorf, who is marketing Herman Smith's only remaining holding in the city.
Herman Smith & Co. Ltd. has sold 4.1 acres of vacant land at 1701 Commerce Dr. to the city of Mansfield. Wayne Burgdorf, associate broker and vice president of Coldwell Banker Commercial Advisors DFW, represented the seller. Julie Short of Coldwell Banker Residential represented the buyer.
Founded in 1992 as SCM Real Estate Services Inc., Coldwell Banker Commercial Advisors DFW is a full-service commercial real estate firm providing clients with expert advice and strategies customized to their particular needs. Our services include investment sales, project leasing, property management, tenant representation.