141,223 SF Tapped in Great Southwest

GAS International Inc. took 75,223 sf of extra storage space for the Fort Worth-headquartered operation, which fills about 300,000 sf with a manufacturing and distribution operation for telecommunications surplus hardware equipment. The new tenant for 602 Fountain Parkway backfills a block of space emptied by Bollinger Industries when it was sold last year and the replacement business downsized the leased area in the 300,000-sf building, David Dunn of Dunn Commercial LP in Arlington tells GlobeSt.com.

The lease-up drive, now into its eighth month, has the building's 125,000-sf balance on the market for $1.99 per sf gross. "It's the least expensive rental rate of any property in the Great Southwest," Dunn says. "The owner is aggressive in wanting to get it leased." Owned by a local limited partnership, the 37-year-old building has undergone $150,000 in cosmetic upgrades to make the deals happen. he says.

Just blocks away, Anvil International Inc., based in Portsmouth, NH, stepped into an abutting 60,000 sf at 1421-1425 Avenue R, hanging a "no occupancy" sign on a 100,000-sf building owned by Proterra Properties Inc. The tenant, one of the world's largest makers of pipe fittings and hangers, got as-is neighboring space with a decision that was nearly six months in the making, says Gary Lindsey, senior vice president for Grubb & Ellis Co.'s Dallas office.

"Proterra was very proactive in trying to take care of a good tenant," Lindsey says of a new agreement with a co-terminus term to Anvil's other pact. He and Grubb & Ellis vice president, Robert Fulford II, bargained the tenant's terms while Proterra's in-house executive, Daniel H. Lawson, steered its side of the deal. The industrial space was on the market for $2.25 per sf double net.