Randy Baird, senior director of Cushman & Wakefield of Texas Inc.'s Dallas office, tells GlobeSt.com that the property was optioned within 35 days of coming to market. "It was a pretty straightforward deal," he says on behalf of seller First Industrial Realty Trust, based in Chicago. Baird represented First Industrial and Gordon Foster of the Foster Co. in Dallas acted for the buyer, which has other Dallas-Ft. Worth holdings that are similar to this acquisition.
Tenant Johnson Supply, a regional HVAC distributor, leases the entire building and has several years to go on its lease, says Baird. Built in 1987, the structure, positioned at 1401 Valwood Parkway, has 24-foot clear heights.
First Industrial is one of the big stakeholders in the bustling park. In mid-February, it bought a 25-building portfolio from Principal Capital Management, an investment pension fund based in Hong Kong. The seller of the more than $40 million in assessed property still owns some 1.5 million sf in the Carrollton industrial complex.
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