In closing the deal, Motivating Graphics Inc. got a high-profile building that was occupied about 18 months before the Paris-based Valeo turned out lights in the build-to-suit office building at 3100 Eagle Parkway. J. Holmes Davis IV, senior vice president for the Philadelphia-headquartered Binswanger/CBB's Dallas office, tells GlobeSt.com that the buyer was "in the door in two months" after the marketing began, but the sales process and down time in discussing an expansion at a Hillwood-owned leased site dragged out the transaction's shelf life.
The move-in condition of a three-year-old office building, Interstate 35W access and high profile drew high interest from would-be buyers, Davis says. "It's just a great building," he emphasized.
Motivating Graphics, which has started the shift, should be completely moved within two months. It now leases 40,000 sf in a three-tenant building, Commerce Center IV on the west side of Eagle Parkway and its new headquarters sits on the east side.
Valeo vacated the seven-acre property in late 2002 when it sold the division to Jabil Circuit, but didn't bring the asset to market until spring 2003. The circuit board-maker moved into the award-winning build-to-suit in September 2000.
The building's new owner is a family-owned and operated full-service printing company specializing in technical manuals. Its chief client is Motorola, which has a 400,000-sf facility in AllianceTexas and occupies more space in Fort Worth's Fossil Creek Business Park, about 12 miles to the south.
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