GRAND PRAIRIE, Texas – In keeping with current industrial trends, a fully occupied 92,500-sf warehouse has sold in a 45-day spin in the Great Southwest Industrial District, where vacancy is at its lowest level in six years.100%-Leased Warehouse Sale Indicative Of Great Southwest Trend
A California-based limited liability company has sold 1170 109th St. in Grand Prairie to an out-of-state partnership making its first acquisition in the Dallas/Fort Worth metroplex.
"We had a real strong offer. It closed in 45 days, including due diligence. Given the vacancy rate, it's getting considerably harder to find product for sale with creditworthy tenants in the Great Southwest," says Michael W. Spain, senior vice president and managing partner of Dallas-based Bradford Commercial Real Estate Services.
The buyer, with ties to several states, has scooped up a single-story vintage warehouse on 4.25-acre corner lot within a quarter-mile of Texas 360, across the street from the Great Southwest Golf Club and a short distance from Dallas/Fort Worth International Airport. From several perspectives, the 39-year-old warehouse, renovated in 2009, boasts an irreplaceable location at the heart of the 7,000-acre, 83-million-sf Great Southwest, the largest industrial district in North Texas and the first master-planned business park developed in the U.S. during the 1950s.
"This warehouse was vacant four or five years during the downturn, but the seller held onto it," Spain says. He and Bradford vice president Jim Ferris subsequently won the lease/sales listing from GP 1170 LLC, ultimately net leasing it for the long term to Northwest Sign Industries.
The Great Southwest's industrial vacancy was recently pegged at 8.5%, the lowest since 2007. "We've probably surpassed that by now," Spain adds. "The timing really was right for an entrepreneurial investor to buy this particular asset."
Lissa Cooke of Cooke Swaney & Cooke represented the buyer, 1170 109th Street.
February 10, 2014