The Philadelphia-based investment company expects the industrial user to sign a long-term lease for the 32,100-sf building at 10830 Train Court within 30 days, says Kenneth P. Balin, president and CEO of AMC Delancey Group. He estimates that rental rates for similar space are about $6 per sf.
"We knew of a company that was looking for space need space, and when we found this property, we thought we would be able to place the tenant in the building," Balin tells GlobeSt.com. The new tenant most likely will move into the new space at the end of March.
AMC Delancey acquired the two-year old property from PMC Machine Tool Parts Inc., the former owner and occupant. The firm plans to invest $600,000 to $700,000 into renovations for the inbound tenant, Balin says. The building already is equipped with 30,000 sf of dual-crane served shop area. The acquisition is AMC Delancey's foothold in Texas, Balin says, adding he hopes to make more acquisitions in the market in the future.
Michael Wachs, vice president of acquisitions, served as in-house representative for AMC Delancey. Clay Peeples with Houston-based Boyd Commercial Inc. represented the seller.
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