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DALLAS-Dallas-based Maylar LP has acquired an 85,802-sf foreclosed building and 4.2 acres in the Redbird Industrial Park.

Craig Johnson, Maylar principal, tells GlobeSt.com that the building, vacant for 1 1/2 years, is in the process of being retrofitted with some $300,000 in upgrades, both cosmetic and mechanical. The work will be done within a month on Maylar’s third Dallas-Ft. Worth industrial acquisition this year, a new focus for the firm.

James Svidron of the Robert Lynn Co., also based in Dallas, has represented seller and buyer in the transaction. Maylar has bought the holding from Norwest Bank via a bankruptcy of the unidentified prior owner. Svidron is tasked with finding a tenant or buyer for the property once it is repositioned. Johnson, leaning toward a tenant, is optimistic that a taker can be found in six to nine months for the 33-year-old building. The asking price had been $2.1 million, but the selling price, though undisclosed, had been considerably less, confides Johnson.

This is Maylar’s only property in the Redbird Industrial Park in Dallas’ southern tier although it holds title to 30 others in the Dallas-Ft. Worth metroplex, Illinois and Alabama. The Dallas-based investor recently has sold an apartment building in Anaheim, CA.

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