GRAPEVINE, Texas – Crestone Group LLC has opted to keep its 70,531-sf Southwest Region commercial bakery and distribution center in Heritage Business Park after eyeing brand-new space in three key industrial submarkets of Dallas/Fort Worth.
California-based Crestone's decision ends nearly two years of negotiations triggered by a change in ownership of the 1.3-million-sf, class A Heritage Business Park and the allure of new industrial buildings in the DFW Airport submarket, North Tarrant County and the Upper Great Southwest Industrial District. Crestone has signed a long-term lease for its 11-year address – Heritage's Building 6 at 800 Industrial Blvd. in Grapevine.
Crestone nixed relocation after weighing the downtime and overall cost, including moving or buying new commercial equipment. Crestone's Southwest facility is one of three in the U.S. and one of its largest.
"The existing space works pretty well for them, but there are some modifications that will need to be made," says Michael W. Spain, executive vice president and managing partner of Dallas-based Bradford Commercial Real Estate Services.
Spain and Nick Talley, a Bradford vice president, represented KTR DFW LLC, which was acquired by Prologis Inc. in the midst of the renewal talks. The Crestone signing wraps up Bradford's involvement with the Heritage project. Michael Stanzel of NAI Robert Lynn negotiated on behalf of Crestone.
January 23, 2017