CraftMaster Manufacturing Inc., a commercial and residential door maker, will convert the distribution space into a production site at 4409 Action St., an asset that went dark two years ago as a result of the Woonsocket, RI-based CVS Corp.'s takeover of the Eckerd Corp. J. Holmes Davis IV, senior vice president in Dallas for the Philadelphia-based Binswanger, tells GlobeSt.com that several national firms looked at the site, but CraftMaster won with the highest offer. "They happened to be the best offer for the economics of the deal and a timing standpoint," he adds.
CraftMaster will start the production line rolling in January, adding 60 jobs initially and 150 by the fourth year. Gary Lindsey, senior vice president with Grubb & Ellis Co.'s Dallas office, represented the buyer, who beat the ask and the $6.4-million assessed value by Dallas County with the negotiated price.
Davis says the building is one of the few available for sale in its size range. "It's a very tight market for that size," he says.
And that, Lindsey confirms, is what took CraftMaster one year to find. "They wanted to buy and there aren't very many buildings for sale in that size range," he says. The location, extra land, heavy electrical capabilities and parking were the dealmakers. He says CraftMaster will pump about $1 million into the retrofit.
The structure was built in 1977 and expanded in 1989. The new owner is reducing the 26,041-sf office and eliminating the 15,215-sf photo lab to get more production space, according to Davis. The fully air-conditioned structure has 37 dock doors, two truck courts and parking for 284 vehicles and 115 trailers.
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