Steve Berger, first vice president with CB Richard Ellis' industrial group in Dallas office had the marketing assignment and says the building was offered for sale in early 2009 at just under a $5-million ask. The seller, a Canadian owner, had moved operations and no longer needed the asset. He tells GlobeSt.com that the asset at 4501 Spring Valley Rd. attracted a great deal of interest, and A&S Spring Valley Holdings emerged the winner because it made the best offer.
Berger says during the marketing period, the majority of those looking at the 1970s building were also owner-users. "It came down to a competitive situation as to which buyer we were going to proceed with, then this was under contract for a while," he adds. "We actually weren't on the market for very long."
"Loloi is currently on Inwood Road, not far from this building and in a smaller facility," explains Berger, who partnered with CBRE's Dallas office's first vice president David Easterling and senior associate Sarah Carter on behalf of the seller. "They'll be doing some refurbishment and some remodeling of the office there, and putting in a small showroom." A&S Spring Valley was represented by John Gilbert with Dallas-based Gilbert Commercial LP.
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