ALLEN, TX-In a plan to consolidate two locations, Graphic Converting Inc. has penned a 91-month flex lease for 120,587 sf beside one of its top customers, Color Dynamics Inc. The inbound tenant is eyeing a June 1 shop opening.

Graphic’s team spent five months weighing sites close to Color Dynamics and another print customer at the other end of the metroplex in Grand Prairie’s section of the Great Southwest Industrial District, according to Susan Singer, senior vice president and managing partner for Dallas-based Bradford Cos. She tells that the deal for 204 E. Bethany Dr. was won, in part, with help from the Allen Economic Development Corp. and a retooling plan to expand the existing 4,200-sf office and fully air condition at least 90,000 sf of production space.

Built in 1996, the 347,333-sf building has been vacant since 2001 when Hit Entertainment did a lock, stock and barrel buy-out of Lyric Studios, owner of the children’s character, Barney. The headquarters building, situated next door, was sold last year in a sale-leaseback.

Graphic Converting’s lease bumps occupancy to 100% in the 11-year-old office building, which is owned by a Dallas family, LFP Real Estate LP. With the deal done, the Elmhurst, IL-headquartered tenant is now making plans to consolidate a production site at 13445 Jupiter Rd. in Garland and bring part of its Carlsbad, CA-based team to Dallas. Singer says the plan is to sublease the Garland space.

Singer and Bradford vice president George Tanghongs negotiated the direct deal. The office/warehouse space had been on the market for $3 per sf, triple net.

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