GRAND PRAIRIE, TX-In a one-month spin, Professional Packaging Systems LLP and ML Realty Partners LLC have worked out terms to a five-year lease for a 104,000-sf single-tenant building in the Great Southwest Industrial District. The local packaging company is planning to move into the expansion site in January.

Ron Carey, regional vice president of the Chicago-based ML Realty Partners, says the stair-stepped deal went full circle so quickly for the empty warehouse at 2002 Avenue R because its single-tenant environment and 16-dock design “really fit them.” Fort Worth-based NAI Huff principal G. Walter Floyd were the tenant reps and Michael Stanzel with NAI Robert Lynn in Dallas represented the owner.

ML Realty bought the empty warehouse in late 2006 just as its tenant, Litex Industries, was on the way out to a build-to-suit in Riverpark Business Center, also in Grand Prairie. ML Realty’s make-ready plan included demolition of an 8,000-sf office, new dock-door levelers and changing the entrance street for the hard-corner asset. “We knew getting into it that we’d have to do that to fill it. It was tired,” Carey says. He adds that the only change left to do is reconstructing 2,500 sf of office area for the new tenant.

Professional Packaging Systems’ headquarters is expected to remain at 2010 S. Great Southwest Pkwy. in Grand Prairie. The just-leased warehouse is seven miles north of the HQ location for the company, which has operations in six Texas cities, Oklahoma City and Juarez, Mexico.

ML Realty’s warehouse was on the market for $2.75 per sf, triple net. “We were very close to that,” Carey tells GlobeSt.com.

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