But, the challenging acquisition of 3100 W. Story Rd. also presents opportunity due to its location in the Las Colinas submarket of Dallas County, explains Craig Johnson, principal of Maylar LP. "We are going to put it back into good shape, break it down into 4,000-sf to 10,000-sf dock-high spaces," he says. "It's a product that doesn't exist out there right now." The new owner's pro forma, he adds, is based on landing six tenants.
Johnson tells GlobeSt.com that the 3.86-acre asset, bought from the Dallas-based owner of KFWD/Channel 52, was bed down with a seven-year loan from Inwood Bank. Loan officer Larry Ley arranged a 70% loan-to-value package with interest-only payments for two years and 25-year amortization, according to Johnson, who says the going-in plan is a long-term hold.
The Dallas-based team of Brant Landry and senior vice president Bo Bond marketed the property for seller of record, 3100 Story Rd. Partner Ltd. Cary Krier, a senior vice president with Colliers International Inc. in Dallas, represented Maylar, which has hired his colleague, senior vice president Kevin Brookmole, to lease the building.
The marketing began as the deal worked toward the closing table. Brookmole says about 15,000 sf could be leased and occupied prior to the tentative completion of construction, which is slated for Aug. 1. "We've got good interest already," he says.
Brookmole classifies the 23-year-old building as a hybrid. The warehouse space is being marketed for $5.50 per sf to $6.50 per sf while smaller tech-type space is tagged at $11.50 per sf. The triple net quotes are teamed with $1 per sf to $3 per sf tenant-improvement allowances based on the lease term, he adds.
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