Local Distributor Inks Sale-Leaseback With Cabot

FARMERS BRANCH, TX-In an off-market deal, Selecta Corp. has cut a sale-leaseback with Cabot Properties Inc. for a 119,083-sf headquarters and distribution center. The apparel distributor sealed the transaction with a 10-year lease.

Selecta, a distributor of Dickies work clothing, bought 13780 Benchmark Dr. last year, pumped a significant amount of cap-ex dollars into the property and then its broker took the one-off acquisition opportunity directly to the Boston-based Cabot. “I knew once they got into it, it would be a candidate for a sale-leaseback,” A. Taylor Allday, president of the newly formed Allday Group LLC, tells GlobeSt.com. Plus Cabot, he adds, had looked at the building one other time since it started rebuilding its Dallas/Fort Worth portfolio. “They liked the tenant. They liked the story,” he says.

Allday, formerly asset manager for Jim Lake Cos. in Dallas, says Selecta satisfied an acquisition and renovation loan with Industrial Bank of Korea to set up a “free and clear” deal with Cabot, who had in-house exec Charles Forbes negotiating the sale-leaseback terms. According to comps in the North Dallas area, comparable buildings are fetching in the mid to high $30 per sf at closing tables.

Allday, who made an amicable split from Jim Lake Cos., has opened a Dallas office at 5207 McKinney Ave. to broker primarily industrial deals. The game plan is to solo for awhile and hire a couple brokers in his first operating year.