DALLAS – Bradford Commercial Real Estate Services has locked in 100% occupancy for the new owner of a 13-tenant industrial flex project, replacing month-to-month pacts with long-term leases at the prevailing rate in the South Stemmons submarket.
The 28,800-sf structure is located at 321-363 N. Rogers Rd., Irving. Tyler Family Property 3 LLC acquired the value-add property in Q4 2021.
"We helped them with the purchase and getting it leased up at a 10% mark-up in the rent," says Jason Finch, first vice president of Dallas-based Bradford, who teamed with Noah Dodge, market director, on the assignment.
The leases – all direct deals – range from 1,200 sf to 4,800 sf. About 80% of the tenants are automotive-related businesses, several of which occupy more than one suite.
▪ Leasing 4,800 sf each were Aaron's Automotive and Seller's Drywall;
▪ Signing for 2,400 sf each were GF Auto Repair & Transmission, JB Auto Repair, Electra Plus Inc. and AI Superhead Auto Motors;
▪ Taking 1,200 sf each were Ayila Construction Services, A&A The Auto Shop Too, ACS Performance Transmission LLC, Bkk Auto Repair LLC, JJD Auto Mechanic, Serpas Auto and Auto Tech Heads & Motors.
"We were pleasantly surprised that every tenant decided to remain in place. But realistically, finding suitable space can be very difficult for automotive users," Finch explains.
Tyler Family Property made some immediate improvements to the structure following the acquisition. In the coming months, the landlord is planning to paint the building's exterior and stripe the parking lot.
Also, Finch and Dodge have brokered two renewals for the landlord's Park Forest Business Center flex holding, a three-building project totaling 200,500 sf in Dallas proper. The new deals keep occupancy at 99%.
The Bradford team also represented the Tyler Family in the following long-term renewals in Park Forest:
▪ Technical Manufacturing & Sales LLC, 7,000 sf, at 11601 Plano Rd. The tenant representative was Noreen Mehdi Weathers of CBRE
▪ Texas Heritage Surveying LLC, 8,132 sf, 10610 Metric Dr. Its tenant rep was Stephen Cooper of NAI Robert Lynn.