G&T Conveyor Co. Inc. searched for five months before settling on 1625 W. Crosby Rd., owned by Chicago-based First Industrial Trust, says Nathan Denton, a Lee & Associates Dallas/Fort Worth principal who completed the deal in the final weeks of his six-year stint with Henry S. Miller Commercial in Dallas. He tells GlobeSt.com that the tenant's 20,000-sf office/warehouse space at nearby 1620 Rafe St. will be put on the sublease market to find a taker for the balance of the three-year term.
Denton says the local company added 5,000 sf of office space with the relocation, getting a location with just 3,000 sf of warehouse area. "We took it on an as-is basis to get a better rate," he says. First Industrial's Mitch Pruitt was marketing the space for $3.85 per sf net.
Denton says the company needed to expand its sales office and wanted to do so by the end of this year. He says the First Industrial building not only was close to G&T Conveyor's existing office, but was laid out just right and needed very little, if anything, in the way of tenant improvements.
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