In a record turnaround, Bradford Commercial Real Estate Services has fully leased an 18,000-sf industrial project in the Great Southwest Industrial District and sold it to a first-time investor in Texas in an all-cash trade that closed in less than 30 days.
Panamint Holdings LLC has scooped up the deed to 800-810 N. Great Southwest Parkway in Arlington. Michael W. Spain, executive vice president and managing partner of Bradford Commercial Real Estate Services; Jason Finch, senior vice president; and Chris Wong, managing partner, represented the seller, CanTex800 LLC, in the direct deal.
“We leased it up, sold it within six months and retained the leasing assignment with the new owner,” Spain says. “That’s a big win, regardless of the project’s size.”
The new owner, with assets in Oregon and Florida, was one of four offers on the table for the industrial project, which was nearly 45% vacant when Bradford took over the leasing assignment earlier this year. Panamint’s all-cash quick-close offer was the deciding factor in the sale of a five-tenant building with lease rollovers in the coming months.
“That’s the upside. The ability to get more than half of the leases up to market rate in the near term is the value-add play,” Finch says. “We knew we’d have good activity on it.”
Panamint jumped into the bidding war after seeing the online listing. The project, developed in 1968, is situated on a 1.07-acre tract near Interstate 30 on Arlington’s east side. Underwriting the project’s desirability is its design – 3,000-sf spaces with dock-high loading.
“Having 3,000-sf suites with dock-high loading in GSW is gold,” Spain says. “Small spaces are almost always grade-level.”
NORTH TEXAS SALES
CanTex800 LLC has sold an 18,000-sf industrial building on 1.07 acres at 800-810 N. Great Southwest Parkway, Arlington, to Panamint Holdings LLC. Michael W. Spain, executive vice president and managing partner of Bradford Commercial Real Estate Services; Jason Finch, senior vice president; and Chris Wong, managing partner, represented the seller in the direct deal.
Samidon Holdings LLC has sold Colleyville Professional Park, totaling 4,327 sf of office space, on 0.71 acres at 6407 Colleyville Blvd., Colleyville, to SR Americas Holdings LLC. Jason Finch, senior vice president of Bradford Commercial Real Estate Services, and Justin Greenwood, market director, represented the seller in the direct deal.
NORTH TEXAS LEASES
Dallas Home Improvement Services LLC has leased 6,600 sf of retail space in Alpha Plaza, 4887 Alpha Rd., Farmers Branch, from Kennington Alpha Plaza LLC. Melanie Hughes and Erik Blais, senior vice presidents of Bradford Commercial Real Estate Services, represented the landlord. Earl Harris of EKH Partners represented the tenant.
Fikes Holdings Inc. has leased 6,408 sf of industrial space in Woodlands Business Center Building 3, 2005 108th St., Grand Prairie, from SL Project Texas LP. Jason Finch, senior vice president of Bradford Commercial Real Estate Services, and Michael W. Spain, executive vice president and managing partner, represented the landlord. Independent broker Andy Jones represented the tenant.
Autism Treatment Center Inc. has renewed 5,509 sf of flex space in Park Forest Business Center, 10610 Metric Dr., Dallas. Jason Finch, senior vice president of Bradford Commercial Real Estate Services, represented the landlord, Tyler Family Real Estate, in the direct deal.
Global Stone Service Corp. has renewed 3,854 sf of flex space in Spring Valley Business Center, 4200-4488 Spring Valley Rd., Farmers Branch. Jason Finch, senior vice president of Bradford Commercial Real Estate Services, represented the landlord, SV Tech Center LLC, in the direct deal.
R.E.M. Risk Consultants LLC has leased 3,230 sf of office space in Northpointe Centre, 12005 Ford Rd., Dallas, from Chang Long Investment Corp & Northpointe Group LLC. Erik Blais, senior vice president of Bradford Commercial Real Estate Services, and Richmond Collinsworth, senior vice president and managing partner, represented the landlord in the direct deal.
Alamo Title Company of North Texas Inc. has renewed 2,181 sf of office space in Preston Pointe Centre, 1400 Preston Rd., Plano. Melanie Hughes, senior vice president of Bradford Commercial Real Estate Services, and Richmond Collinsworth, senior vice president and managing partner, represented the landlord, Intercity Investment Properties Inc., in the direct deal.
Bradford Commercial Real Estate Services/CORFAC International is a full-service real estate company based in Dallas with an annual transactions volume exceeding five million square feet. The company manages and leases more than 20 million square feet, valued at $300 million, in North Texas for its strategic partners.
