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GRAND PRAIRIE, TX-A 25,000-sf, fully leased building has traded for close to the $1.4-million asking price to an Arkansas family trust after besting 14 other investors chasing the deal during the three-month marketing period.

The Blair Family Trust’s purchase, selling at a 10% cap rate, has nine tenants tied to long-term leases with the first roll not due for 3.5 years, Pete Richardson with Henry S. Miller Commercial in Dallas tells GlobeSt.com. To help sweeten the trade, the seller, KA Partners of Dallas, leased back 5,000 sf for three years in the four-year-old office/warehouse structure at 310 E. Trinity Blvd. in Grand Prairie.

The local seller parted with the property because “he felt it was a good time to sell,” says Richardson, who steered the sale along with Brett Owens of Henry S. Miller Commercial. The new owner retained a Henry S. Miller Commercial team to continue leasing and managing the asset in the Upper Great Southwest Industrial District. Chris Delzell and Len Gerstner, also with Henry S. Miller Commercial, represented the buyer, which scored the win with the highest offer in the stack.

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