DALLAS— An increase in industrial relocations and expansions in Arlington continues to drive leasing and investment activity in the area.
GRM Information Management Services announced the purchase of a 227,120-square-foot distribution center at 1701 Timberlake Dr. in Arlington, Texas for an undisclosed price.
Arlington is on tenant and investor’s short list due to the central location not only in the country but within the Dallas/Fort Worth market, says Philip Rosenfeld, vice president with Colliers International.
Rosenfeld and Matt Thompson of Colliers represented the buyer, and Mark Graybill, Tom Walrich and Trey Fricke with Lee & Associates‘ Dallas-Fort Worth office, represented the seller, Prologis, in the transaction.
“With the great southwest industrial market achieving historic lows in terms of overall vacancy to date, the property was one of the few remaining large industrial buildings in the area available to purchase,” said Graybill.
According to Rosenfeld the Arlington market will likely see less absorption in 2014 due to limited supply of existing industrial space. Rates in the high demand properties will continue to see increases this year as well, added Rosenfeld.