DALLAS-In a direct deal, Sweden-based Diab Group has added 196,500 sf of production space to support its US operation after nearly one year of weighing the plan. As would be expected, the quietly closed deal runs for the long term.
Diab picked up the extra space in Stonebridge Business Park 9 at 8700 Autobahn Dr., about 2.2 miles north of its US headquarters at 315 Seahawk Dr. in Desoto. "They've always liked the building," says John Gorman with Holt Lunsford Commercial in Dallas. He tells GlobeSt.com that the deal and move-in were done quietly, with nearly one year going into the decision-making. "There were a lot of decisions beyond the real estate that made for a lengthy process," he explains.
The company's already lighted the space, consolidating locations at 1630 and 1701 Falcon Dr. in Desoto to get the production line under one roof. "The location gave them the opportunity to consolidate and expand in the future," Gorman says. The company manufactures composite core materials used in marine, wind energy, transportation and aerospace industries.
The lease pushes occupancy to 80% in the 372,610-sf office/warehouse, which has been dark for a couple years. "We had a default tenant. We worked through that and we're fortunate to backfill the space," Gorman says.
The asset was part of a portfolio that Boston-based TA Realty Advisors bought in bought in March 2005. from Stamford, CT-based GE Real Estate and Champion Partners of Dallas. Stonebridge Business Park 9's space is on the market for $3 per sf, triple net.
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