The property, located at 1129 Avenue R in Grand Prairie, is occupied by T&F products, a retailer for fireplaces and garage doors for homeowners. The tenant has just renewed its five-year building lease, set to expire in May, David Dunn of Henry S. Miller Commercial's Arlington office, told GlobeSt.com. Larry G. Rodgers, also of Henry S. Miller Commercial, has co-brokered the sale, with the team representing seller J&E Partners Ltd., an entity of Tugan Inc.
The deal marks the first in the metroplex for the El Paso-based Ramsey Family LP, says Dunn. An exact selling price is not available, but the property has brought in between $1.3 million and $1.6 million.
Dunn, president of the Great Southwest Parkway Association, says the park's present vacancy rate ranges from 7% to 8%, with 1.5 million sf being absorbed in year 2000. The submarket, mortared in industrial space, has 300,000 sf waiting to be leased in its southern sector as a result of an IDI, based in Dallas, project that has just delivered. Panattoni-Hillwood, although it split earlier this year, has put 500,000 sf on the ground and more development is planned for its land in the park's northern tier.
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