In working out the terms, the lease for the smaller building at 5601 Alliance Gateway Blvd. will run co-terminus with the one for 5651 Alliance Gateway. "Based on distribution, there was not a better fit in the market than to have the building next door," says Todd Hubbard with Dallas-based NAI Robert Lynn. He and NAI's Rick Medinis bargained the pact against Steve Aldrich, vice president of Hillwood Properties. The buildings are joint venture-owned by Hillwood and Parsippany, NJ-based Prudential Real Estate Investors.
Hubbard tells GlobeSt.com that Premium Waters looked at all options before it took the overflow space two years ago and again on this go-round, but it was more a question of whether to hold onto the building for the long term. "The decision was in play six months to evaluate the need for the long term," he says, adding other options were considered. "But to move that equipment would have been very costly." He says the larger building's lease was extended just last year.
The AllianceTexas distribution center is one of 10 in the Minneapolis-based Premium Waters' network. The firm is one of the nation's leading private-label bottled water suppliers.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.
