1.3M-SF Heritage Business Park Nears 100% Occupancy
GRAPEVINE, Texas Bearing down on 100% occupancy at the 1.3 million-square-foot Heritage Business Park, Bradford Commercial Real Estate Services has signed a long-term lease with Espree Animal Products Inc. for 30,240 sf of the class A industrial space.
Todd Lambeth, executive vice president and managing partner of the Dallas-based brokerage firm, and Michael W. Spain, senior vice president and managing partner, have taken the park's occupancy to 99.9% from 74% in less than 30 months and is working a deal to fill the remaining 20,000 sf for Hawaii-based A&B Properties Inc.
Espree Animal Products is planning an Oct. 1 move-in to the 191,100-sf Heritage Business Park VI at 800 Industrial Blvd. in Grapevine. Tyson Erwin of NAI Robert Lynn was the tenant's representative.
The park's new tenant is returning to a Bradford-leased property following a five-year hiatus in a build-to-suit that it's simply outgrown. Lambeth acknowledges Espree's management and he shared a comfort zone from his former leasing days at Westport Business Park, but stresses the dealmaker was Heritage Business Park's location on the Grapevine/Southlake border.
Heritage Business Park VI's 30,240 sf had been vacant nearly six years because roughly 50% of the area had been finished out as office space. Earlier this year, A&B agreed to demolish the space, sparking Espree's interest in the office/warehouse's long-dormant suite.
"At the end of the day, we were No. 1 on the list of options. They like this park and this location," Lambeth says.
About 8,000 sf has been earmarked as office for Espree, a one-location local company that likes to keep headquarters and manufacturing space side by side. The company, prepping for a five-mile move, manufactures soaps, shampoos and conditioners for the pet-grooming industry.
"This is a nice deal for everybody," Lambeth says. "The main thing is they really like the location and they kept their employees in the area."
Click here for PDF
|
