Richard Greene, CFO for Freedom Graphic Systems Inc., tells GlobeSt.com that the building at 1040-50 W. Freeway, bought in an off-market transaction, will be ready to occupy toward the end of this quarter. He says the acquired companies will be uprooted from subleased space that's been locked down on a short-term basis while Freedom Graphic's team scoured the metroplex for a centralized location. The combined workforce is bringing 150 jobs to Grand Prairie. The deal's broker says Freedom Graphic acquired MetroWebb at 9040 Director's Row in Dallas a year ago and more recently, Moody Direct Mail Inc. at 5012 Rondo Dr. in Fort Worth.
Michael Stanzel with NAI Robert Lynn says the just-sold building, emptied last month, was on the market for lease when the printing company saw it, liked it and wanted to buy it from West Freeway Associates Ltd., a group of German investors that's owned the 23-year-old building on 7.4 acres since 1993. "They had no intention of selling that building," the deal's sole broker says, adding the offer was too good to refuse. "They struck a good market deal." According to Tarrant County, the asset is assessed at $2.2 million.
The West Freeway building's retooling primarily involves interior changes, according to Greene, who says it will be outfitted with equipment from its other locations in the metroplex. "We see it as a good long-term solution," he says.
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