D. Conrad Madsen III, one of the NAI Stoneleigh Huff Brous McDowell brokers steering the sale, tells GlobeSt.com that the listing generated five letters of intent during a three-month marketing and the deed passed to the highest, all-cash offer on the table. "Because it's a great building for that submarket, we had a lot of interest," he says of 4910 Lakawana St., with 22-foot clear heights, 13 dock doors and a truck court nearly double the length found at properties in the industrial district. The buyer is a local furniture company, now located around the corner from its new purchase, a 4.3-acre property with a $4.9-million assessment by Dallas County.
The Itasca, IL-headquartered Midas built the warehouse in 1973 for its Southwest US distribution. It recently teamed with an auto-related company to distribute parts to its Southwest US network of stores, Madsen says.
Madsen and Jerry Alexander with NAI Stoneleigh Huff Brous McDowell represented the seller. Doug Molny with the Jim Lake Cos. negotiated for the buyer.
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