George Ablah, president of Ablah Enterprises Inc., is carefully guarding the selling price of a class B asset that spent six months on the market with a $2.5-million tag and passed into his portfolio in a quick take-down. The 2451 N. Stemmons Frwy. building, assessed at $1.8 million, was picked up from Conoco Inc. of Ponca City, OK, a 12-year owner.
Ablah, stressing he moved quickly when he saw the site, says the going-forward plan is "all new everything." He says he's invested in properties worldwide and has never landed one with a traffic count that mirrors the Stemmon Freeway building, positioned beside the Wyndham Anatole and surrounded by designers' warehouses.
Ablah tells GlobeSt.com that he's already started replacing the roof on the single-tenant building even though he's willing to tear it down if the right user surfaces. He's hired longtime friend, Gary Lindsey, a Grubb & Ellis Co. senior vice president in Dallas, to find a tenant for the existing structure, now eyed for a full-building makeover, or one for a build-to-suit for the near two-acre tract. And, Ablah says he's got the patience to wait for the right tenant to come along.
The property is zoned industrial research. The two-story building is laid out with 16,1276 sf of office area and 26,529 sf of warehouse space--once filled by a floor covering distributor. Lindsey and Grubb's Robert O. Fulford II, vice president, brokered the sale for Ablah.
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