Gary Lindsey, senior vice president for Grubb & Ellis Co., says the manufacturer of laminates searched extensively for a building north of Belt Line Road that was freestanding and slightly larger than its present location. Panolam, based in Shelton, CT, eventually took 1135 Crowley Dr., owned by a local partnership led by Holt Lunsford Commercial.
Panolam will be relocating from 11121 Zodiac Lane in Dallas, an inherited site due to a company acquisition in March 2006. The new location has 24-clear heights and nine dock doors, but its location was the dealmaker. "They liked the freestanding aspect and the proximity to Interstate 35E and the George Bush Toll Road," Lindsey tells GlobeSt.com.
Lindsey says negotiations went full circle in two months, ending with a graduated lease over the term. The building's quoted rate was $3.50 per sf. Holt's Kacy Jones represented the owner in the talks.
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