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Office

Veritex Bank Building

7001 Boulevard 26, North Richland Hills, TX 76180

Listing Price: Request For Offer

Gross SF
101,396
Rentable SF
101,396
Lot Size
5.84 acres
Year Built
1962

Investment Overview

Marcus & Millichap Real Estate Investment Services offers for sale the fee simple ownership interest in the Veritex Bank Building located at 7001 Boulevard 26 in North Richland Hills, Texas. The property’s major tenants include Veritex Community Bank, Croy-Hall Management, Health Holland, and Bulldog Security Services. The Veritex Building was constructed in 1962 and is currently 43 percent occupied. There have been ongoing renovations since 2010; however, the value-add opportunity is through additional improvements to the building to attract new tenants and fill the vacant space. The Veritex Building is listed substantially below replacement cost, making it an attractive investment for investors looking for a value-add opportunity. This property has a strategic location between Dallas and Fort Worth, as well as close proximity to Interstate 820. North Richland Hills is experiencing a revitalization. For example, North Hills Mall, a 50-acre project, located approximately two miles from the Veritex Bank Building, is experiencing a rebirth as City Point, with homes, restaurants and shops on the way. The project has been recognized by the International Economic Development Council as an example of a successful major mall redevelopment into a mixed-use urban village. When complete, it will be home to 2,500 people who desire a central location and enjoy an urban lifestyle with shops and conveniences nearby. The multi-tenant office building contains a total of 101,396 square feet of rentable area and is conveniently located one-and-a-half miles from Interstate 820, allowing for easy access to the property. The office building is located at the intersection of Boulevard 26 and Vance Road, and is conveniently situated near restaurants and hotels. Vance Road sees a moderate estimated annual average daily traffic count of 15,168 vehicles. The property benefits from strong demographics, serving a five-mile population of approximately 263,137 residents with a one-mile average household income exceeding $83,655.

Investment Highlights

  • Value-Add Opportunity Offered Substantially Below Replacement Cost at $58.68 psf Office Cost
  • Covered Land Play at $22.73 psf Land Cost
  • Minimal Capital Expenditures Necessary in the Immediate Future
  • Positioned with Frontage on Boulevard 26
  • Ideally Accessible to Loop 820 and TX-183
  • Densely Populated Area with 269,397 Residents Within Five Miles
  • Excellent Owner/User or Investor Opportunity
  • REO/Lender Owned Offering

Exclusively Listed By

Listing Price: Request For Offer

Gross SF
101,396
Rentable SF
101,396
Lot Size
5.84 acres
Year Built
1962

Investment Highlights

  • Value-Add Opportunity Offered Substantially Below Replacement Cost at $58.68 psf Office Cost
  • Covered Land Play at $22.73 psf Land Cost
  • Minimal Capital Expenditures Necessary in the Immediate Future
  • Positioned with Frontage on Boulevard 26
  • Ideally Accessible to Loop 820 and TX-183
  • Densely Populated Area with 269,397 Residents Within Five Miles
  • Excellent Owner/User or Investor Opportunity
  • REO/Lender Owned Offering

Investment Overview

Marcus & Millichap Real Estate Investment Services offers for sale the fee simple ownership interest in the Veritex Bank Building located at 7001 Boulevard 26 in North Richland Hills, Texas. The property’s major tenants include Veritex Community Bank, Croy-Hall Management, Health Holland, and Bulldog Security Services. The Veritex Building was constructed in 1962 and is currently 43 percent occupied. There have been ongoing renovations since 2010; however, the value-add opportunity is through additional improvements to the building to attract new tenants and fill the vacant space. The Veritex Building is listed substantially below replacement cost, making it an attractive investment for investors looking for a value-add opportunity. This property has a strategic location between Dallas and Fort Worth, as well as close proximity to Interstate 820. North Richland Hills is experiencing a revitalization. For example, North Hills Mall, a 50-acre project, located approximately two miles from the Veritex Bank Building, is experiencing a rebirth as City Point, with homes, restaurants and shops on the way. The project has been recognized by the International Economic Development Council as an example of a successful major mall redevelopment into a mixed-use urban village. When complete, it will be home to 2,500 people who desire a central location and enjoy an urban lifestyle with shops and conveniences nearby. The multi-tenant office building contains a total of 101,396 square feet of rentable area and is conveniently located one-and-a-half miles from Interstate 820, allowing for easy access to the property. The office building is located at the intersection of Boulevard 26 and Vance Road, and is conveniently situated near restaurants and hotels. Vance Road sees a moderate estimated annual average daily traffic count of 15,168 vehicles. The property benefits from strong demographics, serving a five-mile population of approximately 263,137 residents with a one-mile average household income exceeding $83,655.

Exclusively Listed By

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