Thank you for sharing!

Your article was successfully shared with the contacts you provided.

GRAND PRAIRIE, TX-First Industrial Realty Trust Inc. has scooped up its third deed this year in the Great Southwest Industrial District, spending close to the $1.9-million assessment for a 101,839-sf structure on 4.6 acres.

According to the Dallas Central Appraisal District, seller National Life Insurance Co. of Monteplier, VT acquired the building at 1905 110th St. in Grand Prairie in October 1988. It reportedly is one of the insurance company’s last holdings in the region.

Don Stoffle, senior investment officer for Chicago-based First Industrial, tells GlobeSt.com that the structure, built in 1974, was 51% leased at sale time. He and the seller’s broker, Keith Webster of Raven Capital Partners in Dallas, negotiated an all-cash sale.

“With the amount of product that we have in Dallas-Fort Worth, we are fairly comfortable that we can lease this fairly quickly,” Stoffle says. The “opportunistic” play will come to the leasing market with a face-lift, he adds.

Stoffle, who’s transitioning to marketing director, says the spending plan for North Texas has been $50 million to $60 million annually for the last four years…and he’d like to spend that much again this year. The latest purchase is proof that “deal size doesn’t get in the way,” he says.

The sale was made on the property’s positioning in the Great Southwest. “We love that submarket,” Stoffle stresses, noting that Great Southwest holdings now total 750,000 sf, but the team clearly is shopping for more buildings. The overall DFW portfolio stands at five million sf.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.