GlobeSt.com has confirmed St. George Warehouse of Texas Inc. signed a five-year lease for the Arlington Corporate Center at 3701 E. Randol Mill Rd. and will be moving Oct. 1 to free up GSW Gateway Building 3 at 2940 114th St. in Grand Prairie for the Freeman Cos. Dealmakers, though, can't say and Freeman's broker isn't talking if the plan calls for vacating any of its six locations in Dallas or if the new lease is a genuine expansion for the well-known producer of events and exhibitions.
As for the South Kearney, NJ-based St. George Warehouse, it picked up shell space in a four-year-old structure with a quoted rate of $3 per sf net. The regional warehouse deal pushed the 176,000-sf structure to 100% occupancy for owner, ProLogis of Aurora, CO, which had Joe Rudd and David Hicks negotiating the pact against tenant rep, John Brewer of Dallas-based Henry S. Miller Commercial.
Dealmakers say St. George Warehouse scoured the market about two months for an expansion site. The firm had to vacate 54,172 sf in the 114th Street building, one of the last holdings in the Panattoni-Hillwood joint venture, in order for dealmakers to land the Freeman lease.
The 78-year-old Freeman Cos., represented by Thomas McCarthy with the Staubach Co. in Dallas, is expected to move into GSW Gateway by the end of the year. The JV had been marketing the building at $3.50 per sf, according to the North Texas Commercial Association of Realtors' database. Dan Tatsch with Hillwood and Brewer represented the JV in the talks with Freeman, which has its headquarters in a 58,311-sf, leased office building at 1421 W. Mockingbird Lane and offices in 28 cities in North America.
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