ARLINGTON, Texas – With 10 offers on the table, a California-based investor has sold a 20,640-sf office/warehouse in the Great Southwest Industrial District to a Las Vegas buyer seeking to satisfy a 1031 exchange.
The hotly pursued 6.2-acre property at 3401 E. Park Row Dr. in Arlington is triple-net leased for the long term to BlueLine Rental LLC, formerly Volvo Rents. "We had strong interest during the short time it was on the market. In fact, we had more offers than we've had on any property in the past two years," says Michael W. Spain, executive vice president and managing partner of Bradford Commercial Real Estate Services.
Spain and Kevin J. Santaularia, president and CEO of Dallas-based Bradford, represented the seller, Milan-East Park Row LP. Michael Cargile of Voit Real Estate Services in Irvine, CA, negotiated for the out-of-state buyer, RMB 13 LLC.
"It was the highest offer, but this also was a very qualified buyer that all parties felt comfortable with," Spain says. "It was strictly an investment deal for entrepreneurial buyers."
Bradford's client needed to close the sale simultaneously with three properties in other states – and the team succeeded. "We had a real tight window. The buyer had to be really patient to wait for the closing date," Spain says. "It definitely took patience from all sides."
Developed in 1999, the single-story, light-industrial building is located within blocks of the Great Southwest Parkway, equidistant to Interstates 30 and 20. With a Park Row address, it also offers a direct route to TX 360 and the President George Bush Turnpike (TX 161). The concrete tilt-wall structure features 7,437 sf of office/showroom space and six dock doors.
Based in the Woodlands, TX, BlueLine Rental has 130 locations nationwide, each with a full line of construction equipment and tools for rent, including reach forklifts, material lifts and pallet jacks, towable light towers, compact excavators and equipment trailers.
September 23, 2016