Maylar LP, led by Craig Johnson, formed a new partnership to take 3211 Ave. E from Ronald and Linda Jones of Dallas, who ended a 12-year hold with the sale based on Tarrant County tax records. Johnson tells GlobeSt.com that the partnership closed the purchase with a 10-year loan with the first five years fixed at a 6% interest rate from Liberty Federal Bank of Enid, OK. Another $110,000 is being spent on upgrades, which began the day after the closing, he says.
Johnson says the building was 43% vacant when it went under contract, but was topped off on sale day with a long-term pact from Sticks & Stones Unlimited, now located at 6400 Wuliger Way in North Richland Hills. The firm will move into the industrial space in June. The other tenants, Hartung Glass and American Bolt & Screw, are tied to their spaces for a few more years in the Avenue E building.
The one-off acquisition is indicative of the investment group's buying habits. "We're opportunistic buyers so I'll buy anywhere," Johnson says. Right now, he's holding two contracts for industrial acquisitions in Dallas and one for Chicago.
Cary Krier with Colliers International Inc.'s Dallas office brokered the takeover for Maylar, which predominately owns industrial properties. John Brewer with Dallas-based Henry S. Miller Commercial represented the seller.
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