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ARLINGTON, TX-A below-market sale of a 1960s-era industrial building has closed, with the seller planning to vacate in 60 to 90 days to bring an official end to its manufacturing operations in Dallas-Fort Worth.

With the deal now done, the locally based HS Floral is planning a rehab on the 61,000-sf building at 3015 Avenue E East in the Arlington section of the Great Southwest Industrial District, Pete Richardson of Dallas-based Henry S. Miller Commercial tells GlobeSt.com. The Oakbrook, IL-based Federal Sign & Signal Corp. had the asset on the market for nine months at an asking price of $1.5 million. The confidentiality agreement bars Richardson from divulging the price, but he did say it was “bought for below market.” The Tarrant County Appraisal District assesses the building and 3.2-acre tract at slightly more than $1.1 million.

Richardson says the property fell out from one contract, but the second one passed the closing table in a start to finish of 40 days. The building will be outfitted with coolers for the wholesale floral distribution business, which counts Sam’s Club as a customer. The floral distributor also has ordered the installation of dock-high loading and new paving. When the job’s done, the new owner will vacate leased space along Randol Mill Road in Arlington.

The seller acquired the property in 1962, just a year after it delivered. Federal Sign & Signal closed its manufacturing locations in Texas around the same time that it put the property on the market. Richardson and Henry S. Miller Commercial’s Greg Trout brokered the deal for the seller while HS Floral had John Brewer of the Robert Lynn Co. in Dallas negotiating its terms.

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