DALLAS – In a sign of the times, Bradford Commercial Real Estate Services has locked in renewals, totaling 109,380 sf, with two longtime tenants in Carrollton and Grand Prairie, keeping headquarters intact in both locations and the industrial projects fully leased.
CEX Holdings LLC, an electronics recycling firm, has signed a 58,180-sf renewal in Marsh Business Park, 2727 Realty Rd., Carrollton. Brian Pafford, executive vice president and managing partner of Bradford Commercial Real Estate Services, represented the landlord, NWP TX TT LLC, in the direct deal.
AllPoints of Texas, a moving and storage company, has renewed 51,200 sf in Trinity West Business Park, 2450 114th St., Grand Prairie. Jim Ferris, vice president of Bradford Commercial Real Estate Services, and Michael W. Spain, executive vice president and managing partner, represented the landlord, William J. Owen Trust and OMO Investment Co. The tenant representative was Bill Biesel of Biesel Investments Inc.
Both companies inked early renewals, a reflection of Dallas/Fort Worth's tight industrial market. Each tenant is marking at least 10 years in its respective location.
"Marsh Business Park's landlord was patient and afforded CEX, a tenant since 2010, the flexibility it needed so it could make another long-term commitment," Pafford says.
CEX is one of two tenants in a 140,000-sf building, which has been fully leased for eight years. In fact, the 636,725-sf Marsh Business Park is 99% leased.
The 140,800-sf Trinity West Business Park is situated in the Upper Great Southwest Industrial District, where vacancy is at a record low. With less than 3% available to lease in an inventory exceeding 100 million sf, Upper GSW's rental rates rose more than 10% in 2021.
"Tenants seeking 50,000 sf of functional warehouse space will find less than a handful of options in GSW," Ferris says. "Trinity West's landlord, who prioritizes long-term relationships and occupancy, was willing to provide a below market deal to extend the relationship well beyond 10 years."