GRAND PRAIRIE, TX—A crane facility with proximity to major highways is a rare find these days. But one lucky tenant nabbed space near significant workforce potential with those rare qualities. Metal service provider, O'Neal Industries Inc., signed a long-term lease on a newly constructed 215,000-square-foot build-to-suit distribution facility at Grand Lake Boulevard and Gifford Street.
The buyer was an affiliate of Lexington Realty Trust, a net-lease real estate investment trust based in New York City. Financial terms were not disclosed. Avison Young completed the sale and forward equity placement on the transaction. Principals Erik Foster and Mike Wilson of the firm's national industrial capital markets group executed the transaction on behalf of the developer, Altera Development Company LLC.
The facility was constructed with six specialized 15-ton class-D dual hoist overhead cranes that allow the tenant to transfer steel across the warehouse's 770-foot length. Crane facilities in his market are in limited supply, as no similar buildings have been built in the past 10 years. This demand for crane functionality will add long-term stability for future leasing.
“The tenant's business required a unique new facility on a large land site in a core market,” Foster tells GlobeSt.com. “We were charged with making a market for a facility that wasn't yet build, so it required a creative approach that looked at not only the current asset, but also its future potential, with a significantly over-market rental rate which could have impeded value.”
The building is located between Dallas and Fort Worth, with frontage on Interstate 30, a major transportation corridor through the region. In addition to its proximity to that interstate, the facility is on a 16.92-acre site that is near Interstate 35, SH-360 and Loop 12. The building was designed with LED lighting, a minimum of 32-foot clear height ceilings, a 40-foot roof height, four drive-in doors, two drive-through lanes and parking for 92 cars, GlobeSt.com learns. The 15,000-square foot office is a mix of large open space and suites, with amenities including showers and lockers, a large dining area and a patio.
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