GRAND PRAIRIE, Texas – Minnesota-based Fastenal Co. will keep its North Texas fulfillment center firmly rooted in One Paddock Place in the Upper Great Southwest Industrial District.
The wholesale distributor has signed an early renewal for 7,685 sf in the 71,677-sf industrial flex project at 2214 Paddock Way in Grand Prairie. Jim Ferris, vice president of Dallas-based Bradford Commercial Real Estate Services, and Michael W. Spain, executive vice president and managing partner, represented the landlord, Paddock Partnership.
"Fastenal did a cursory search of the market, but there virtually is no functional space in the Upper Great Southwest in its size range," Ferris says.
C. Matson Pearce of Pearce Commercial Property Co. represented Fastenal, a distributor of industrial and construction supplies. The appointment-only fulfillment center in One Paddock Place is situated less than one block from TX 360, offering easy access to TX 161/Bush Turnpike and Interstate 30.
One Paddock Place has retained 95.9% occupancy with the signing. Its 4,362 sf of available space is being built out as spec space.
"Occupancy is the driver for the landlord," Ferris says. "We made an offer at a price that Fastenal couldn't refuse."
As Ferris points out, present-day market conditions favor renewals for tenants with existing spaces that work. "When the market is under 5% vacancy, most renewals are by necessity," he adds.