GRAND PRAIRIE, Texas – General Electric Co. will keep its Southwest regional distribution hub in the Great Southwest Industrial District, renewing a long-term lease for the 470,000-sf Regency II.
“I can’t comment on the transaction’s details, but I can say GE looked at options from the Great Southwest to South Dallas, including buildings ranging from 500,000 sf to 900,000 sf,” says Michael W. Spain, senior vice president and managing partner of Dallas-based Bradford Commercial Real Estate Services.
GE began sizing up relocation options in late 2011. Regency II, located at 1011 Isuzu Parkway in Grand Prairie, offers a centralized location in Dallas/Fort Worth, class A rail-served distribution space and proximity to Texas 360, a winning combination for the renewal decision. CBRE’s Steven H. Berger represented GE in the negotiations.
“GE ultimately decided that renewal was the best course of action at this time,” says Spain, who partnered with Kevin J. Santaularia, Bradford’s president and CEO, to secure the lease for their longtime client, Ohio-based OTR GP. The brokerage firm leases and manages OTR’s portfolio of nearly one million square feet of industrial space and 24 acres of prime development land in the Great Southwest.
Regency II has served as GE’s Southwest regional distribution center since January 1997. The 23-acre tract, developed in 1996, is situated 500 yards east of Texas 360 and one block north of Post & Paddock Road, with a Union Pacific rail line at its rear doors.