The single-tenant asset, positioned on 2.1 acres at 3121-29 Pinewood Dr., traded for relatively close to the $1.6-million asking price. "It was a good market deal considering it had deferred maintenance," explains Chris Delzell with Henry S. Miller Commercial, citing the need for a new roof.
Delzell tells GlobeSt.com that the new owner will repair and multi-tenant the 1970s-era, single-story building. A single tenant isn't being ruled out, but the strategy and lease quote of $3.25 per sf, triple net, is more directed toward a multi-tenant play, he adds. "It's good quality, functional industrial space," he says.
Elliott Partners Ltd., the real estate arm for the Nagodoches, TX-based electrical parts supplier, bought the property in November 1998. It relocated at least a year ago to an 80,000-sf leased spot at 2510 W. Main St. in neighboring Grand Prairie.
Three offers, all from within the metroplex, were placed during the marketing period, with the winner being a private investor from McKinney. Delzell and Henry S. Miller Commercial's John Brewer negotiated the sale.
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