The Crosby Industrial Park, which encompasses nearly 17 acres, carries an appraised value of more than $5.1 million. Wilson was the low-profile owner for 25 years, Tom Pearson, senior director of Cushman & Wakefield of Texas Inc., tells GlobeSt.com. Probably few, if any, at the Dallas County Central Appraisal District realized the owner of record, Corleff Properties of Los Angeles, was actually a big-name star. "It just wasn't something people knew about," Pearson says of the deal that sparked a bidding war more so for its location than anything.
Eleven investors vied for the multi-tenant, fully leased holding, built in 1971 by a California developer. "Even for the old product, there was a lot of interest," says Pearson. "We pushed the price pretty hard. It was a win-win deal for everyone." And the winner was Crosby Valwood LP, which is planning a major redevelopment of the complex, Pearson confirmed.
The acquisition brought an asset management change, with Dallas-based Holt Cos. snagging the contract. The leasing agent could not be reached to determine the magnitude of the up and coming redevelopment. The grouping consists of a 161,692-sf building at 1200-1210 W. Crosby Rd.; 99,198-sf structure at 1300-1312 W. Crosby Rd.; and two 29,800-sf buildings at 1415-1421 Hutton and 1418-1424 Dunn Dr.
The Cushman Wakefield team of Pearson, Jack Fraker, executive director, Randy Baird, senior director, and Lizzy Pappachen, associate, negotiated the deal. The holding went under contract in March, but didn't close until recently because of the lengthy process of due diligence and the ownership structuring, according to Pearson.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.