"We took them out and we shopped the market and then they decided to stay," Gary E. Lindsey, senior vice president in Dallas for Grubb & Ellis Co., tells GlobeSt.com. He and partner, Robert O. Fulford II, vice president, represented the tenant while building owner, Rreef Management Co. used an in-house broker to structure the terms for a new five-year contract.
Sweet Paper Sales, which re-upped just a few months early, has been a tenant for five years in the San Francisco-based Rreef's Carrier Distribution Center, a three-building development with about 250,000 sf. Sweet Paper Sales occupies about half of the largest warehouse/distribution building in the trio.
The Great Southwest Industrial District, with an inventory of nearly 60.7 million sf split between Grand Prairie and Arlington, has been hit particularly hard as veteran tenants take the bait for newer product that's readily available in other industrial parks at comparable prices due to market conditions. At last count, the industrial district was shouldering a 17% vacancy.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.