Gary Lindsey, senior vice president in Dallas for Grubb & Ellis Co., tells GlobeSt.com that the market was surveyed, but the decision to stay came "with a real fair rate." The rate stayed "about the same" as the firm was paying, he says, stressing "it wasn't a bloodbath. It was pretty much a smooth transition to the new lease." The submarket's rates push $3.96 per sf for newer, high-end warehouse product.
The security-conscious Kuehne & Nagel is keeping a lid on the client served at the Lewisville site. But, Lindsey is able to say that its the only distribution point for the pharmaceutical product. According to the firm's website, its client roster includes AstraZeneca, Allergan and Hoffman-LaRoche.
Lindsey, as usual, teamed on the talks with Robert Fulford II, a Grubb & Ellis vice president. Tom Kuhlmann with Lincoln Property Co. negotiated on behalf of New York City-based Teachers Insurance Annuity Association, owner of the multi-tenant, 600,680-sf Waters Ridge I.
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