113,371-SF Rehabbed Building Fetches About $2.8M

Dallas-based Maylar LP brought the 113,371-sf structure at 10231 Plano Rd., formerly American Pad & Paper Inc., to the market "for lease" or "for sale," but Hamps Supply approached with an offer and ended the hunt. The wholesaler, now at Chartwell Drive in Dallas, will expand the office area and occupy one-third of the structure, the balance of which is leased to Versient Assets through 2006, Craig Johnson, Maylar's general partner, tells GlobeSt.com.

Maylar bought the property out of bankruptcy in 2000 and pumped about $450,000 into the renovation. The building again went to a single tenant, Shamrock Acquisitions Co. Versient subsequently bought Shamrock and set about reworking the lease and downsizing its space. In March, one-third of the building went dark.

After a 60-day showing on the market, the locally based Hamps Supply stepped in with a purchase contract that included a loan assumption, according to Johnson. The building sits outside Northgate Park, but is visible from Interstate 635, a key selling point for Hamps Supply as was the Versient lease. Hamps Supply, which has warehouses in Dallas, Houston and Denver, is a distributor of trading cards and supplies, coin and stamp supplies and die-cast products.

Cary Krier of Dallas-based Bradford Cos. represented the seller, a Maylar affiliate. Clarence Cope of the Cope Co. in Dallas, acted on behalf of the buyer.