"It's the fastest deal that I've done in a long time," David Dunn, owner of Dunn Commercial LP in Arlington, tells GlobeSt.com. "They had to get out." The new tenant for 1202 Avenue S is Pioneer Aerospace International, which has affiliate offices in Addison, TX, Sterling Heights, MI and Tecumseh, Ontario.
Pioneer Aerospace's 25 employees had spent the past year working in a hangar at the renamed Hensley Field at 8200 W. Jefferson. But, owners say the operation was asked to go, leaving only TXU in a small spot in another hangar.
Word is Dallas-based Vought Industries Inc. might be ready to forge ahead on its plan for the property, which has been under contract two years. Vought has until 2009 to exercise its option, fueled in part with a $35-million grant from the Texas Enterprise Fund and sundry incentives from Dallas County and City of Grand Prairie. It couldn't be determined by publication time if, in fact, the request to leave was a signal that Vought is ready to move ahead on its redevelopment deal with Dallas County.
Pioneer Aerospace, which reportedly had a few months to go on its one-year lease, shifted into as-is space to comply with the order to exit the airbase. Dunn, the deal's sole broker, had the Avenue S space listed at a negotiable rate, but market reports peg general warehouse space at $3.93 per sf in the Great Southwest Industrial District. Given the Avenue S' 1980s vintage, it's a safe bet that the space went for considerably less. Pioneer Aerospace will share the structure with the Kimball Midwest of Columbus, OH. Its affiliate, PEDC Property Management, is the owner of record.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.