The TIG Real Estate Services team of Michael T. Grant and Helen Hudson cut the long-term deal for the building owner while the Todd Weber-Robin Weber team from Robin Weber & Associates in Dallas brokered the terms for the tenant, Custom Form Transportation Services Inc. The deal is delivered for space vacated about six months ago by a furniture company.
The deal was closed on "a combination of hard work on our end and Rreef's aggressiveness to make deals," Grant tells GlobeSt.com. The confidentiality clause keeps terms hushed, but the property is situated in an area where the going rate for distribution space is $3 per sf to $3.50 per sf.
Since April, Rreef has closed 123,000 sf in deals at its Northgate-Garland properties. The five Market Street buildings are practically 100% leased, according to Grant. In recent weeks, Coats Aloe International Inc. took 12,250 sf of extra warehouse space for the short term at 2709 Market St. At its 12651 Perimeter Dr., Rreef rolled out the welcome mat for Z Packaging Inc., which leased 9,813 sf for the long term. Stephen Cooper of the Robert Lynn Co. in Dallas handled negotiations for Z Packaging, which moved from Action Street in Garland.
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