Educational Products Inc., in crafting the plan, has picked up 5,000 sf of office space at 1400 N. I-35 E to bump the 30,000-sf building to 98% occupancy while keeping a "no vacancy" sign on the neighboring 225,000-sf warehouse in the Plaza 35 Business Center, according to Ken Wesson, co-managing principal for Lee & Associates in Dallas. Teaming with Lee & Associates director Conrad Madsen III, Wesson says the tenant was represented by an independent local broker who had searched the market and then opened talks with the owner, Cobalt Capital Partners of Dallas, to retain its spot in the three-tenant warehouse.
"Cobalt was really able to roll up their sleeves and get creative," Wesson tells GlobeSt.com. The end result was $1 per sf to reconfigure the space and "spruce up the facilities," he says. The office retooling won't begin until late summer, but the polishing of the 1432 N. I-35 E. warehouse starts immediately, he adds. The balance of the office/showroom space is on the market for $6.50 per sf, triple net.
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