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DALLAS-The recently formed Langford Property Co. of Dallas has just closed its first investment buy–a 62,600-sf industrial building in the Brookhollow submarket. President Eric Langford tells GlobeSt.com that he will sink “hundreds of thousands” into the building’s renovation.

Langford was part of the now-dissolved Onyx Property Co., a development trio that included Roger Gault, also now working independently, and William Wells of Beer-Wells Real Estate Services Inc. Though no more, Onyx is continuing the development of the 45,149-sf Onyx Business Center 1 and 66,476-sf Onyx Business Center II on separate parcels in Richardson and Plano, respectively. Those projects will deliver by year’s end, Langford says.

Langford says the Brookhollow buy is the first of several in a bid to build an independent portfolio. He has a 120,000-sf industrial property under contract. He’s mum about the option, but did say a closing should come down the pike in 60 days.

The Brookhollow acquisition was on the market for some time, carrying a $1.1-million asking price. David Jackson of Dallas-based Jackson Co. represented seller Lorna McMullen of Kentucky. Gotcha Covered occupies about half of the flex-manufacturing building, positioned at 8505 Chancellor Row just south of Texas 183, and has just signed a five-year lease in a conversion from a month-to-month occupancy, says Langford.

Langford plans to extensively renovate the 39-year-old building that’s situated in a business center sector of the submarket. “It just needs some attention,” he assesses. Brookhollow’s older buildings, says Langford, are becoming increasingly popular among the investment crowd since they can be had for reasonable prices and are positioned close to the city.

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