Phillip Worthen, head of buying entity 2002 Sunbelt Real Estate LLC, has purchased one of the few small office buildings in the Addison submarket. "It's difficult to find an office building this size in the metroplex, period," Al Shannon of Dallas-based Henry S. Miller Commercial tells GlobeSt.com. Addison is even more difficult, where office high-rises, abundant retail and multifamily communities dominate the streetscape.
Worthen inherited a 2,200-sf tenant, Southwest Disposal Concepts, with the purchase. The asset at 4393 Sunbelt Dr. was listed for just one month at $750,000 before it fell under contract. Worthen was leasing about 2,500 sf in an Addison high-rise. The lease expired a month before Shannon showed him the property, driving a month-to-month arrangement as he scoured the submarket for a replacement location.
Shannon said the listing belonged to Stephen Brusniak, also with Henry S. Miller Commercial, who was selling it for an electronics company. "I found out about it and I knew I had a buyer," Shannon says. Truth is, he had two buyers, but Worthen made the close. It just proves that timing is everything, Shannon says of the deal.
The 1985-vintage building, situated on a 33,000-sf tract near the Dallas North Tollway, is flanked by 44 parking spaces for a relatively high ratio plus boasts a design with one dock door. The upshot is, says Shannon, it was a rare find for the market.
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