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DALLAS-Retailer Tuesday Morning Inc. has bagged 6250 LBJ Freeway, a 79,000-sf office building sitting dark for about 1 1/2 years. All that’s being said about the selling price is that it was less than Dallas County’s $5-million property tax assessment.

Jeff Smith and Steve Simon, both with Houston-based Transwestern Commercial Services’ Dallas office, represented the seller, an Atlanta investment group that took over the deed after E-Systems moved out. Thomas Willis of Willis Realty Advisors in Dallas represented the retailer. Like its predecessor, Tuesday Morning will use the office building, situated on nearly 4.3 acres, for its corporate headquarters.

Smith tells GlobeSt.com several prospects walked away from the listing because of the deferred maintenance. Tuesday Morning, a discount and close-out retailer, saw the value and made its move to take the class B asset under wing.

Tuesday Morning is known in brokerage circles for taking a long time to decide on its retail locations. Smith says the closing actually came about pretty quick once Tuesday Morning said “yes” to the office building. Smith says there was a back-up buyer, but the seller favored the retailer because “we knew they had the wherewithal to do the deal. When you have a public company on the hook, you go with them.” Smith says Tuesday Morning will exit several leased sites around the metroplex in a 30- to 60-day phased move-in.

Tuesday Morning’s financials are actually quite healthy given today’s economic climate. At the end of Q3, the retailer posted a 400% increase in its earnings per share to 10 cents or $3.9 million in comparison to 2 cents for third quarter 2001. Net sales rose 19.9% to $154.6 million while sales for the first nine months of 2002 were up 16.1% to $449 million. Founded in 1974. the retailer leases 502 retail sites in 42 states.

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