Bradford Wins First Leasing Assignment
Inside DFW International Airport Lines
DALLAS Twinrose Development Co. has selected Bradford Commercial Real Estate Services to lease the 256,500-sf Twinrose Regent I, delivering the brokerage firm's first assignment on ground-leased land at DFW International Airport.
Marketing the 158,000 sf of empty first-generation space will be Todd Lambeth, senior vice president and managing partner of the Dallas-based brokerage firm, and Joe Santaularia, broker associate, who in August 2009 brought one of the first tenants to the developer's airport project.
The assignment's challenge is the submarket's vacancy of 15.3% in a 62 million-sf inventory, the highest industrial rate in the metroplex. Bradford brokers also lease the nearby 1.3 million-sf Heritage Business Park so they know what it takes to get a deal done after increasing occupancy to 96% from 72% during the 2009-10 downturn.
"We've really made great strides in that submarket. To be honest, some owners took notice of that," Lambeth says. "There's some positive absorption going on right now in the market and some big deals out there."
Armed with a signing-bonus strategy, the brokers are catapulting Twinrose Regent I at 2611 Regent Blvd. into the limelight by offering a 1% bonus to the procuring broker for a 45,000-sf to 92,000-sf deal and a 1% bonus plus a $10,000 travel voucher on a fully executed lease of 93,000 sf to 158,000 sf.
Twinrose Regent I is a three-year-old cross-dock with 30-foot clear height, ESFR sprinkler system, 140-foot truck court and 175 car parks. Its sister building, the 60,000-sf Twinrose Regent II at 2555 Regent Blvd. is fully leased to a single tenant.
Santaularia makes 120 cold calls per week in the submarket in his ongoing deal chase for Bradford's 20 million-sf industrial portfolio in Dallas/Fort Worth, an aggressive complement to Lambeth's longstanding brokerage ties. Their diligence at staying in touch with tenant prospects and owners like Twinrose is what delivered deals at Heritage Business Park and the new leasing assignment.
"We just kept touching base with them and we got it," Santaularia says. "We met with them at the right place at the right time and they decided they wanted to make a change.”
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