Property Advisers Picks Up Four Assignments

Cellstar Ltd. cut a sale/leaseback for an indefinite period of time for Madison Realty's newest acquisition, 1728 Briercroft Court, the company's eight-year-old build-to-suit in Carrollton. As soon as the deed turned, Madison Realty hired Property Advisers to sell or lease the building, which sits on six acres and has 98,500 sf in a warehouse section, with 24-foot clear height, and 20,000 sf in a two-story office component...with an elevator. And that elevator, says Jerry Reis, president of Property Advisers Realty, will be a key deal-maker down the road. The property has not been tagged with a minimum ask. But Madison Realty, most often a long-term holder, has placed a $3.50 per sf triple net rate when it's time to lease it.

"It happened in a hurry," Reis tells GlobeSt.com of the takeover of a property assessed at $5.6 million. "They thought it was a quality asset and were willing to take the opportunity."

Colliers International's John Aldrich, president, and Cash McWhorter represented Cellstar in the transaction. The buyer's team consisted of Dick Depetris with Dollar Flowers in Dallas, Rick Medinis with locally based Robert Lynn Co. and Reis.

Madison Realty also handed over management and leasing for a 60,000-sf flex building, with 20,500 sf empty, at 6029 W. Campus Circle Dr. in Irving, where the going rate is $6 per sf triple net. Property Advisers' Perry Jones got the assignment to replenish the tenant base in a building that was vacant when the investment group bought it in April.

The day after the closing, Efore, a Finnish high-tech company, leased 40,000 sf for the long term, Reis says. The class A warehouse in the Las Colinas Business Park has two abutting acres that were also bought for "future development," he says.

The triple win with Madison Realty properties included the management pact for 2310 McDaniel Rd., a 65,000-sf, single-tenant building leased to Tidel Engineers. Madison bought the holding about 1.5 years ago and was managing it in house.

In an unrelated management and leasing assignment, Jones has been tasked with finding a single-tenant user for a 28,000-sf, two-story office building at 3110 Skyway Circle in Irving, owned by Hold Thyssen Inc., which has its US headquarters in Winter Park, FL. The class B building, once home to American Express, has been empty about two years. The German owner says a single-tenant user is a must-have, a requirement that two other brokerage houses couldn't fulfill, according to Reis. The tougher challenge, he says, will be to find a replacement tenant for pure office product in a light industrial area along Texas 161. As a result, they've hung a sign for $12 per sf plus electric.