Thomas Clarke, senior vice president for Grubb & Ellis Co. in Dallas, tells GlobeSt.com that talks began a year in advance of the existing lease's expiration in the event tenant and its two-year landlord couldn't come to terms for 455 Airline Dr. "They wanted to be sure if they couldn't do the deal that we had time to find them another place," he explains.
Toyo's regional hub in the Park West Commerce Center was developed in 1986 by Cabot Industrial Properties LP. Rreef's Chicago-based investment arm bought the 3.4-acre distribution center in September 2004.
"It was a market-rate deal," says Clarke, who teamed with associate Lindsay Allen to negotiate the renewal with Rreef asset manager Joe Akers. Clarke says the deal included some sprucing up of the interior, specifically the 3,500-sf office. The actual rate is off limits, but distribution space in the Coppell submarket is bringing $4.73 per sf on average, according to Grubb & Ellis' first-quarter report.
Toyo's new lease was inked about seven months in advance of its deadline time. "Because it fit their needs so perfectly, they just wanted to negotiate again for the building," Clarke says.
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