The Signet Hill Office Building, located at 400 S. Industrial, is the third acquisition in the Dallas-Ft. Worth suburb for Euless Trey Ltd. Walker says the group optioned the building in December 2000, but then withdrew the offer. The building came to market in recent months and the group again put it under contract.
Walker tells GlobeSt.com that the plan is to invest up to $50,000 in upgrades to the three-story building. New roof and cosmetic changes begin in November.
The investors bought the building from MiBec Corp., the lead tenant for several years. MiBec was the real estate arm of former telemarketer, Edward Blank & Associates. The telemarketing firm owned the structure since 1993 and occupied 75% of it until three years ago when it closed the Euless office. MiBec also owns a building in Ft. Worth.
Since December 2000, Signet Hill has gone from 55% occupancy to 97%. Several tenants renewed and expanded during the time it was under contract, Walker says. Major tenants are Longhorn General Insurance and Tru-Form Optics.
Walker closed the deal on behalf of the investors while Craig Franks of Franks Real Estate acted on the seller's behalf. In 1995, the investment group acquired Euless Main Village, a four-building, 30,000-sf office property along Main Street followed by a purchase three years ago of a single-story, 11,600-sf building at 310 S. Industrial Blvd.Walker says all structures are centrally located, with ready access to the Dallas-Ft. Worth International Airport and interstates. It's a good fit for the budding portfolio and, says Walker, "it will be a nice little investment.
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