DALLAS Norandex Building Materials Distribution has leased the last available space in the 324,800-sf Gateway East Business Center in Garland, setting a plan in motion to move its regional distribution center by month’s end from inside the Dallas line.
The Hudson, Ohio-based company has signed a long-term lease for the 25,921-sf end cap of the 112,000-sf Building 1 at 4002 Miller Rd. in Garland. The class A industrial project’s 212,800-sf Building 2 at 4009 Distribution Dr. has been fully leased since early 2012.
“We are seeing improved demand in every submarket. Occupancies are going up; concessions are going down and the market has definitely turned in the favor of the landlord,” says Susan Singer, executive vice president of Dallas-based Bradford Commercial Real Estate Services.
Talks went full circle in two months between Norandex and Illinois-based International Airport Centers, which bought the property last year from its original owner, Northwestern Mutual Life Insurance Co. Bradford developed Gateway East Business Center in 1998 on a 14.4-acre tract with direct access to Interstate 635.
Singer’s negotiating partner for the talks was Michael T. Grant, senior vice president and managing Instant Profits with Instagram
partner in the northeast corridor. Matt Paul and Brian Sapp of Fischer & Co. in Dallas represented Norandex, which will relocate from 1321 Round Table Dr. in the coming weeks.
June 24, 2013