Al Sorrels, principal with Dallas-based Holt Cos., tells GlobeSt.com that he's secured leases with five- to 10-year terms by opening talks with starting quotes of $5 per sf with a $10 per sf tenant improvement allowance for two street-front structures and $3.15 per sf with a $3.50 per sf stipend for a pair of buildings at the rear of the class A development in the 3500 block of Miller Road in Garland.
"It's well located product," Sorrels says. "It's easily divisible, which is key to this area. The landlord (TA Realty Associates of Boston) is willing to spend the finish-out dollars to secure the business." Sorrels picked up the assignment at the year's start when Miller Road Business Center was 15% occupied.
McNichols Cos., a manufacturer of fabricated steel and related products, took 42,000 sf at 3540 Miller Rd. Southern Prosthetics Supply Co. recently moved into 21,000 sf of the 84,000-sf structure, now resting at 75% occupancy. And in two weeks, Cellhire gets keys to 12,907 sf at 3520 Miller Rd. All three companies are relocations from within the Garland submarket, according to Sorrels.
The two pending leases will fill 31,000 sf at 3630 Miller Rd. Sorrels predicts the deals will be inked in late December.
"There was definite competition for all of them," Sorrels says. McNichols was represented by Charles Lester of Lester Realty Advisers in Dallas; Southern Prosthetics, Tom Phillips of the Chicago-based Equis Corp.'s Dallas office; and Cellhire, John Aldrich of the Aldrich Group in Dallas.
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