DALLAS - Maxim Integrated Products Inc. has sold two more flex buildings in an on-going disposition of 13 structures that were retired earlier this year as business units transitioned to 138,000 sf of brand-new research and development space on its North Dallas campus.
CK & LK Properties LLC has acquired an 18,613-sf flex building with a 3,240-sf data center at 4215 N. Beltwood Parkway in Farmers Branch while startup D3 Semiconductor LLC has purchased a 24,190-sf structure, outfitted with light manufacturing equipment, at 15050 E. Beltwood Parkway in Addison.
In the first quarter, California-based Maxim began relocating 800 employees to its new building, which sits on an 18.5-acre tract that it carved from a 45-acre campus inherited in 2001 with the acquisition of Dallas Semiconductor Corp. During this year's transition, the vacated buildings were available on a sale or lease basis, but that's no longer the case, according to Leigh C. Richter, senior vice president of Dallas-based Bradford Commercial Real Estate Services, who is handling the disposition for the Fortune 1000 company.
"I've seen good interest and I'm very early into the marketing," says Richter, who's now sold three buildings on the Maxim campus since mid-October.
At 4215 N. Beltwood Parkway, the built-in data center was the dealmaker for CK & LK Properties, which had been eyeing lease options in the Metropolitan Addison submarket. Mark Nelson of Nelson Realty Advisors in Dallas represented the Irving, Texas-based buyer, which plans to consolidate several companies at the new location. Richter partnered with Bradford market director Jason Miller on the transaction.
The plug 'n play opportunity at 15050 E. Beltwood Parkway was instrumental in D3 Semiconductor's decision to open doors in Addison instead of Phoenix or Southern California. Talks began in August 2011 between Richter and the company's consultant, a former Maxim employee. D3 Semiconductor will receive tax incentives from Addison and the state as an emerging trend and the jobs it will create in the marketplace.
"These buildings were brought to market at the right time and right price for the specialized features in each of them," Richter says. The data center space commanded a premium for the seller as did the ready-to-use manufacturing equipment.
The brick structures, developed in the mid-1980s, range from 3,600 sf to nearly 29,000 sf in a variety of floor plans, including a few two-story designs. The listing is a mix of separately platted single-tenant buildings, package deals and investment opportunities of fully and partially leased multi-tenant assets.
"The buildings are a good size in a campus setting in a transitioning submarket. This is a good alternative to large office/warehouse space for tenants," Richter says. "And, there is great access to the Dallas North Tollway, LBJ Freeway, Interstate 35 and George Bush Toll Road. I think they are very marketable."
December 26, 2012