The business park plan from the onset was the eight spec buildings, totaling 180,000 sf, would be marketed as "for sale or lease" products, Stephen Jaggard, Vantage president and CEO, tells GlobeSt.com. He says the project is tailored "for the individual tenants who want to own their own facility rather than being buried in a larger, multi-tenant leased warehouse." Both buyers are moving from locally leased industrial space into buildings in the 4000 block of Blalock Road.
Houston-based Trinity Hardwood's purchase is a 26,856-sf building. The dealer and distributor of hardwood floors and related lumber specialty items needed expansion room.
Mike Collins of the Houston office of Grubb & Ellis Co. represented Trinity Hardware in the sale. Brad Berry of Vantage Cos. was the in-house representative for the seller.
Jaggard would not release a sales price, but did say both buildings were carrying asking prices in the $60 per sf range. That would put the asking price for Trinity Hardwood's building in the neighborhood of $1.6 million.
Des Moines, IA-based Robison Properties' acquisition is an 18,216-sf structure. Robison's subsidiary DSI Systems Inc. will occupy the building. DSI is the nation's largest distributor of satellite and consumer electronic equipment. The asking price would have been close to $1.1 million. Jim Arledge of Arledge & Co. represented Robison Properties, with Berry once again negotiating the sale for Vantage.
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