Johnson Industries, a local distributor, moved into Grissom Lane I at 11210 Grissom Lane, owned by Proterra Properties of Dallas. The firm vacated about 36,000 sf in the Hines North Industrial Park. "The lease expiration was driving it," Dan Lawson, Proterra's marketing director, tells GlobeSt.com.
Lawson says a business plan change for direct parts shipments to dealerships created the need to downsize. Johnson Industries services GM dealerships.
The two-tenant, 40,000-sf Grissom Lane building was on the market for $3 per sf net. Jim Hancock of CMC Commercial Realty in Dallas ran the tenant's side of the negotiations.
In Grissom Lane II at 11526 Grissom Lane, James Cleaver, a 10-year tenant, re-upped 6,532 sf for three more years, says Lawson, who single-handedly structured the deal. The 60,000-sf structure is 80% leased.
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