"If you're in the market, you'd know they'd sell it," Michael Stanzel of NAI Robert Lynn in Dallas tells GlobeSt.com about the 910-16 Avenue M warehouse, which came with two leases with at least a year on the terms before either one rolls. The chief dealmaker, he explains, was a 16,000-sf vacancy that the new owner, HSI Texas Distribution Center LLC intends to fill.
Stanzel says HSI Texas started looking in June 2005 for a building to buy in the 12,000-sf to 16,000-sf range. He adds the vacancy not only hit the firm's sweet spot, but the multi-tenant opportunity was just a good fit. HSI will move into the Grand Prairie warehouse in the coming weeks from a smaller, leased location along Belt Line Road.
Proterra's Dan Lawson, who negotiated the off-market sale, had the 16,000-sf vacancy on the market at a $2.25 per sf rent quote. For sales, comparable product--a 1971-built industrial structure on 1.7 acres--is going for $28 per sf to $32 per sf in the Upper Great Southwest's boundaries.
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