The lease fills "one of our key vacancies," says John Fainter with Dallas-based Holt Cos., who leases the industrial space for building owner, Sealy & Co. Inc., with offices in Dallas and Shreveport, LA. He tells GlobeSt.com that the single-user structure at 5101 Statesman Dr. in Irving was empty about two years, but didn't fall under Sealy's control until March when it bought a 1.8-million-sf industrial portfolio in Dallas/Fort Worth and Houston from TA Associates Realty Inc. of Boston.
The single-user design, ample parking for returns and distribution and loading docks at the front were the deal-makers. "That's what drew Emerson to the deal," he says, "because there's more control over security for their product...no shared parking." The building, gutted for make-ready space, has been on the market for $3.25 per sf net. Tenant improvements are underway, with the crew carving out 5% for office space.
Fainter and Kurt Griffin with Cushman & Wakefield of Texas Inc. spent a couple months negotiating the lease. "It was a good deal for the owner and a good deal for the tenant," Fainter says. Emerson Radio Corp., founded in 1948, will be relocating from 13700 Benchmark Dr. in Farmers Branch.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.