Private Investor Purchases
Grand Prairie Tech Center
GRAND PRAIRIE, Texas Recently vacated by Michael Stores Inc., the 35,200-sf Grand Prairie Tech Center in the Upper Great Southwest Industrial District has been sold by Bank of America to a private investor from Fort Worth.
Michael W. Spain, senior vice president and managing partner of Bradford Commercial Real Estate Services, and Jim Ferris, vice president, represented the bank. The buyer is G. Walter Floyd, also a Transwestern broker in Dallas, who is planning to market the property at 2302 113th St. for single or multi-tenant use.
Developed in 1984 on a 2.38-acre tract, Grand Prairie Tech Center includes 20,000 sf of high-finish office space, a drawing card for investors and users alike. The Bradford team began marketing the property in February, with Floyd and a user putting similar deals on the table.
"At the end of the day, Walter was a proven buyer and a proven owner," Spain says. "He was able to purchase it at a price well below replacement cost."
Spain credits the high interest in the asset to the re-tenanting upside. Michaels Stores, headquartered in nearby Irving, had vacated the structure in late spring in anticipation of its lease expiration at the end of June.
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