ARLINGTON, TX-A Los Angeles investor, rolling out of a property in his homeport, has tucked away the deed to a 31,140-sf warehouse on 1.4 acres in the Great Southwest Industrial District.
The 1960s-era building at 3521 E. Avenue E was on the market for $32 per sf. "We got it for significantly lower than that," Michael Spain with Bradford Cos.' Arlington office tells GlobeSt.com about an all-cash deal that closed within 60 days.
Spain says the building has been empty for several years, with the last name tenant being Mrs. Baird's Bakery Co. He says the building will be renovated and then leased, with the space hitting the market at $3.50 per sf gross. He says there already are a couple tenant prospects looming on the horizon. He and Bradford's Brian Pafford will lease the building. Bradford also got the management assignment.
Pafford represented the seller, Herschel Prengler of Dallas, who bought the property in 1991. The warehouse sits at the hard corner of the Great Southwest Parkway and Avenue E, just one block south of Interstate 30.
As for the Los Angeles buyer, he's just beginning to shop in Texas. The investor is focused on acquiring industrial properties in Dallas/Fort Worth, Houston and Austin--diverting his attention from California due to the differences in prices, according to Spain.
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