FORT WORTH, TEXAS...
In one fell swoop, Sun Life Assurance Co. has gained two tenants for the 58,771-sf balance of first-generation space in Railhead Business Station's largest structure.
The double play came within six months of Bradford Commercial Real Estate Services picking up the leasing contract for the 214,190-sf, three-building complex, completed in 2007. Weatherford Artificial Lift Systems Inc. and Traulsen & Co. simultaneously signed leases for 33,673 sf and 24,898 sf, respectively, at 800 Railhead Rd.
"Both deals helped to make the other one," says Nick Talley, Bradford's market director in Fort Worth. The unrelated companies' synchronized decisions effectively lowered construction costs, resulting in upfront savings that benefited tenants and landlord alike.
"It was the right fit for the right tenant. The timing of both deals was key in getting both deals done," Talley stresses. The new tenants are planning first-quarter move-ins to the 91,500-sf shallow-bay warehouse. Bob Scully of CB Richard Ellis represented the tenants.
Traulsen, a subsidiary of ITW Food Equipment Group LLC, has a manufacturing location nearby and needed additional storage space, according to Karen Simon, executive vice president and managing partner of Dallas-based Bradford. Houston-based Weatherford Artificial Lift Systems also has other locations in Tarrant County.
Sun Life's project includes a 44,240-sf front load/rear park warehouse at 500 Railhead Rd. and 78,450-sf industrial building at 800 Railhead Rd. both first-generation space and both vacant. Railhead Business Station carries Triple Freeport tax exemption and Enterprise Zone tax abatements.
Simon points out that Sun Life has been highly selective about tenants. "They have a vision for the type of tenants they'd like and the ability to meet the requirements," she says.
The Bradford team has noticed an uptick in tenant traffic in the Railhead submarket. "Our competition has landed a couple deals just as we have. If tenants are doing first-generation deals, then the rest of the market will fall right behind," Talley says. "In six months, we took one building to 100% so I think that's pretty good."
April 5, 2012