DALLAS – Bradford Commercial Real Estate Services has sold two flex projects, totaling 141,643 sf, in Dallas/Fort Worth on behalf of a California-based client, landing an all-cash offer in a preemptive move that benched the marketing campaign before it could begin.
The just-sold properties are the 68,043-sf Shady Trail Business Center at 11048-11056 Shady Trail, Dallas, and 73,600-sf Parkway Business Center at 2125-2133 S. Great Southwest Parkway, Grand Prairie. At sale time, the combined occupancy was hovering 95%.
“We didn’t even get to go live with the marketing. From contract to close was less than two months,” says Shane Benner, vice president in the Fort Worth office of Dallas-based Bradford Commercial Real Estate Services. He and Josh Meraz, market director, represented the selling entities WC Shady Trail Business Center LLC and WC Parkway Business Center LLC.
The Los Angeles-based buyer, CI Growth 211 LLC, was represented by Rich Young Jr. of the Rich Young Cos.
Tucked into the East Hines submarket, Shady Trail Business Center is a four-building project on 3.5 acres with easy access to Interstates 35 and 635, the Dallas North Tollway and TX 114 and 183. The Parkway asset has five structures set on nearly 4.9 acres in the heart of the Lower Great Southwest Industrial District, with Interstates 30 and 20 and Texas 360, 161 and 183 all close by.
Both projects were developed in the early 1980s, with small shop users in mind. There are 50 tenants in the Shady Trail and Parkway business centers, which are 92% and 97% leased, respectively.
“I always get lots of calls about availability,” Meraz says. “The market is doing quite well right now for small spaces.” The seller has parted with its last holdings in Dallas/Fort Worth, closing out a five-year hold on both properties. “He bought them as value-adds and did just that,” Benner says. “It was good timing for him to exit the market and move into less management-intensive flex projects.”