A top name tenant, who renewed a long-term lease during negotiations, was one of the chief selling points for 609 107th St., a 20-year-old building sitting on four acres in the Great Southwest Industrial District. Mack Trucks had 2 1/2 years left on its lease when it re-upped for the long term, Tom C. Smolik of TIG Real Estate Services in Dallas tells GlobeSt.com.
AEW Capital owned the property at least 10 years on behalf of a pension account managed for General Motors, according to Smolik. The class B industrial project is a parts distribution hub for the Southwest US.
Smolik bargained the sale for AEW Capital while Dan Lawson of Proterra Properties in Dallas represented Cabot. Smolik says it took about 90 days, start to finish, to deliver a selling price "north of $20 per sf" for a property that never hit the market.
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