Heritage Park, a large commercial property with triple freeport tax exemptions in Mansfield, has a new owner. The 460,000 square foot building is the former distribution hub for Pier 1 Imports.
The news follows the unwinding bankruptcy and sale of the retail chain to Retail Ecommerce Ventures, a company co-owned by social media influencer Tai Lopez and former NASA scientist Alex Mehr. The new owners paid $31 million for Pier 1′s intellectual property and say they are preparing to launch a new e-commerce business under the 58-year-old brand’s name in late August.
Pier 1 Imports got court approval to sell its distribution center in Mansfield for $18 million, bringing in $3 million more than a starting offer, according to a Bloomberg Law article. Mansfield-based Lonejack II LLC purchased the property, according to a news release. In addition to the facility itself, Lonejack acquired the remaining equipment and furniture.
“We’re passionate about the continued growth of the Mansfield business community and are excited to add this property to our expanding portfolio,” says James Sellers, manager of Lonejack II and President & CEO of nearby Sellmark. “This city is a great place to operate, and we can’t wait to see what businesses occupy this space and contribute toward Mansfield’s growth.”
Those familiar with the purchase say the new owners plan to lease out the building to another tenant/operator.
Despite the economic side effects of COVID-19, the industrial real estate submarket has remained strong.
“As the demand for industrial space across the country remains strong, we believe Heritage Park offers the unique opportunity to operate in one of the strongest labor markets in Dallas-Fort Worth,” says Sarah LanCarte, founder & president of LanCarte Commercial, the company that marketed the property. “This is a highly-functional building with exceptional access at a competitive rate. There are few properties like it, and we expect to see quite a bit of activity.”
Heritage Park is located at 2200 Heritage Parkway.