COPPELL, TX-Michaels Stores Inc. has shifted a distribution and display hub, shaving some suburban space with the relocation. The arts and crafts retailer has made the move with a three-year lease.

Michaels took 23,230 sf of office/warehouse space in the Coppell Business Center II at 1461 S. Belt Line Rd. in a lateral shift from within the submarket. Robert Fulford Jr., vice president with Grubb & Ellis Co. in Dallas, tells that the rate ended up close to the $3.15 per sf asking price that the San Francisco-based Rreef is quoting for the 223,906-sf structure. Michael’s turned on lights in space emptied about two months ago by Maxis Tire Co., says Fulford, who along with Grubb & Ellis’ senior vice president Gary Lindsey, represented Rreef. Rick Medinis with the Robert Lynn Co. in Dallas bargained terms for the locally based Michaels.

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