GARLAND, TX-Silver Line Building Products LLC, in place for seven months, has bumped its lease to 223,569 sf in Garland Gateway East. The reworked deal adds 40,850 sf or the balance of the warehouse, extending the term for five years for old and new space alike.
The North Brunswick, NJ-based vinyl window manufacturer has tacked 43 months onto its original three-year, 182,719-sf lease so that it has a co-terminus end with the expansion at 3801 Regency Crest Dr., Matt Carthey, marketing director for Holt Lunsford Commercial, tells GlobeSt.com. He says talks were under way with a couple prospects, but then Silver Line's team stepped up for the warehouse's only hole. As a result, the Dallas-based owner, Invesco Real Estate, is holding a lease that takes effect in August and runs until July 31, 2012.
Silver Line had picked up a new line that drove the expansion need. "With the new line, it was a perfect fit," Carthey says. "They wanted to move a line down here. It was a good marriage and good timing." Last year, Andersen Corp. of Bayport, MN bought Silver Line, maintaining it as a stand-alone subsidiary.
The space, quoted at $3.50 per sf triple net, was on the market just a few months when Silver Line decided to take the keys to the entire building. Connie Grady with Minneapolis-based Northstar Partners, a Cushman & Wakefield Inc. affiliate, bargained the terms for Silver Line.
Invesco's warehouse was built in 1999 on a 10.9-acre tract in a high-demand industrial pocket. Right across the street, Denver-based ProLogis is ramping up work on a 500,000-sf warehouse. Other neighbors are San Francisco-based Rreef and AMB Property Corp. of Boston. "There are strong institutional owners with institutional-grade product" all around Silver Line's leased site, Carthey points out.
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