IRVING, Texas – Gretzinger Investment Group LLC, a first-time buyer in North Texas, has scooped up the fully occupied, two-building Las Colinas Distribution Center in an off-market transaction. Remaining in place will be Bradford Commercial Real Estate Services, which has leased and managed the project for the past decade.
Las Colinas Distribution Center 4 and 5, totaling 103,054 sf, are situated on a six-acre corner tract abutting the northern boundary of Dallas/Fort Worth International Airport. The structures are located at 3242-50 N. Skyway Circle and 3241-51 W. Story Rd. in Irving's Las Colinas submarket.
"Las Colinas continues to be a highly sought after location because of its image and positioning in Dallas/Fort Worth," says Brian Pafford, senior vice president and managing partner of Dallas-based Bradford. "This is highly functional space that's well-located within the metroplex."
The ell-shaped property, once institutionally owned, consists of a 22,154-sf, fully air-conditioned office flex design fronting Skyway Circle and an 80,900-sf warehouse facing Story Road. The new owner will soon begin exterior improvements to enhance the curb appeal of the 1980s-era structures, which house five tenants apiece. The roster includes JMP Engineering, The Beckett Corp., Spectrum Transportation Services LLC, PCI Logistics, BioAutomation Corp. and Plastronics Socket Partners Ltd. Pafford and Jason Miller, a vice president with Bradford, lease the project.
Pafford represented the seller, a family trust from North Texas. Hahn Franklin-Mitchell of Younger Partners in Dallas, handled negotiations for Austin-based Gretzinger, a commercial real estate firm focused on flex and industrial investment properties in the U.S. It owns 10 industrial and retail properties in Texas. Gretzinger's acquisitions manager is John D. Nielsen.
"This transaction is our first acquisition in the Dallas/Fort Worth metroplex, reflecting our confidence in the growth in this very important Texas market," says Thelma Gretzinger, the investment group's managing member.
June 19, 2017