The 4.5-acre property at 1135 W. Trinity Mills Road inCarrollton was sold by Perkins Paper of Dallas, which first broughtthe holding to market as its lone tenant, CertainTeed Corp. ofValley Forge, PA, was making plans to buy a 545,700-sf shutteredwindshield factory on 147 acres in Sherman, north of Dallas.Contracts fell out not once, but twice, says Tom Pearson, a Dallassenior director for Cushman & Wakefield of Texas Inc., who wasready to bring the listing out again at $32 per sf when he got ane-mail from TIG's John Walsh. "I called him up and we made a deal,"says Pearson, who was assisted by Lizzy Pappachen from theFinancial Services Group.

Assessed at $2.5 million, the 4.5-acre holding, vacated inFebruary, went for less than replacement cost--a criteria of TIGFinancial as it ramps up a plan to acquire industrial properties"with issues" targeting the $2.5-million to $10-million range andcertainly willing to go less or more to build the value-addportfolio.

"We are looking for value-adds that have some kind of issue,"Walsh tells GlobeSt.com, "and usually that issue is they're empty.We have a deferred-risk perspective. We're not afraid to putcapital into a project to convert it to a marketable facility andwe're not afraid of leasing risk." The marketability of the TrinityMills building, with George Bush Tollway visibility, is aconversion to multi-tenant use.