"I've never had a deal like this before," says John Lancaster, vice president with TIG Real Estate Services Inc. in Carrollton, who along with Tom Smolik, senior vice president, is courting single-tenant prospects for the listing. Lancaster tells GlobeSt.com that 1301 Waters Ridge Dr. is carrying an $8.7-million price tag or $5.90 per sf net rent.
The building, sitting on 14 acres in Waters Ridge Business Park, cost $14 million to build in 1997, rising as the corporate headquarters for Ultrak. Denton County Appraisal District pegs the land and building assessment at slightly more than $6.1 million. Lancaster, a 13-year professional, labels the listing as a rare find with a design boasting 90,000 sf of office space, fitness center and five extra acres.
Ultrak, an international provider of security and surveillance solutions, sold the three-story building in December 2001 to Briarwood Capital Corp. and sold the closed-circuit TV business in August 2002 for $36 million to Honeywell Automation and Control Solutions and spun off American Building Control. Both companies, though, opted to run out building leases, now due to expire at the end of June. With both tenants space shopping for less, Briarwood dusted off its exit strategy two weeks ago.
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