"They looked a little bit, but with frontage on 360 there wasn't a whole lot of looking," says Tom Dodge with Dallas-based Trammell Crow Co. He tells GlobeSt.com that the direct deal was struck six months in advance of the old pact expiring at 2940 N. Highway 360. The end result of the talks is a stair-stepped lease with two bumps, he adds.
The residential and commercial builder's space in the 113,600-sf building got some sprucing up as a result of the renewal. In the Great Southwest Industrial District, the 83.4-million-sf inventory's vacancy is 11.6%, according to the latest market report from Grubb & Ellis Co. The double-digit reading has been hanging over the submarket for awhile, giving tenants the competitive edge at the bargaining table. Dodge isn't talking about the rate, but he did say the building's goal has been met--"We're keeping it 100% leased." The new market report says industrial rates now range from $3.66 per sf to $8.25 per sf.
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