The firm will be shifting to 1200 Plano Parkway, getting a 10.52-acre asset in an off-market acquisition from Luminator Holdings LP, a division of Amherst, NY-based Mark IV Industries. Luminator, which outsources work to Regal, struck a short-term leaseback for about 100,000 sf, Kurt Griffin, a Dallas director for Cushman & Wakefield of Texas Inc., tells GlobeSt.com. He and C&W associate Natalie Kampen represented Regal in its site search and purchase.
Griffin says the buyer pre-empted the property's market debut, which was being prepared by Nathan Lawrence and Ryan Kaiser with Trammell Crow Co. in Dallas. Comparable product in the submarket would bring $40 per sf to $50 per sf. "We made a much better deal than that," Griffin adds.
Griffin says he'd been scouring the market because Regal's preference is to own its real estate and wanted to be closer to its plating facility along 10th Street in Plano. In the end, Regal bought its customer's building and hired 20 of its employees. "It was a neat situation the way it all came together," he says. "It wasn't just a real estate deal. It was a business deal."
The similarities of the operations for buyer and seller meant the building was practically ready to go. Griffin says Regal got several pieces of usable production equipment for its metalworking operation in the exchange.
Now, Regal has Griffin marketing its four-building, 65,290-sf complex at 2020 Copper St. in Garland for $2.6 million. About a month ago, Regal vacated about 150,000 sf of leased space in anticipation of the move to Plano.
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