Plastipak Packaging Inc. of Plymouth, MI renewed a four-year address at 10409 Sanden Dr., owned by Y&C Investments Ltd. of Dallas. With talks under way, the office/warehouse never hit the market, but the going rate for comparable space in the neighborhood averages $2.75 per sf, triple net.
"We kept the rental structure in place with their existing rent," Stephen Cooper, vice president for NAI Robert Lynn in Dallas, tells GlobeSt.com. The keys were retained with "a small tenant improvement allowance," he adds.
Cooper teamed with Thomas Lynn, president of the firm's corporate services, to work out the building owner's terms. Chuck Finney with CB Richard Ellis in Dallas represented the tenant, a manufacturer of plastic injection molding with five locations in the metroplex.
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