Tom Clarke, senior vice president of Grubb & Ellis Co. in Dallas, tells GlobeSt.com that the buyer has cut a five-year sale-leaseback with Osram Sylvania Products Inc. so no new product will come out of the ground for some time. The extra land and the long-term tenant sewed up the acquisition for Columbia Mackenzie Industrial LP of Dallas. Thirty days is all it took to get the deal signed, sealed and delivered, says Clarke.
The near "20-something" warehouse at 2040 McKenzie Dr. was a build-to-suit for Sylvania. which has and will continue to use the site to distribute light bulbs. The holding is positioned in the heart of an industrial park that boasts a multitude of owners, including the unidentified investors who added the Osram building to their portfolio.
The buyers got the property for about $1 million less than its appraised value, according to the Dallas Central Appraisal District. But the price, emphasizes Clarke was not the deciding factor; it was definitely the sale-leaseback and ample land.
Clarke says he saw an SIOR mass mailing from Jim Belcher of the Hart Corp. in South Hampton, PA and took the deal to his clients. The rest is history.
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