X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(Read more on the industrial market.)

DALLAS-After a year-long search, a partnership led by Bruce Wilson, a VP of the locally based Lynch Investment Co. Inc., has acquired a Dallas warehouse/office building for a committed tenant. According to Wilson, the partnership, BK-Ambassador Row Ltd., paid “somewhat less” than the $4.6-million asking price for the 129,061-sf building at 8220 Ambassador Row in the city’s Brookhollow area.

The reason it took so long to find a satisfactory building, Wilson tells GlobeSt.com, was the parameters set by the tenant, Delivery Ltd., a furniture relocation, delivery and storage company. The Dallas-based mover required a fully air-conditioned building with a relatively large amount of office space and high level of tenant improvements. Wilson says the Ambassador Row property was the first available building meeting all the tenants’ requirements at a price the buyer found acceptable.

The 5.9-acre property includes 27,000 sf of offices. Though built in 1964, it was remodeled in 2004. It features 20-foot clear heights in the warehouse area, five dock-high doors, four semi-dock doors, 130-foot truck court depth and 178 parking spaces. Located just across the Trinity River from the city of Irving, the property is less than a quarter mile of the junction of Interstate 77 with Texas State Highway 183.

An equally important factor for Delivery Ltd., Wilson adds, was that the company’s existing lease at 6320 Denton Dr. in Dallas that does not expire till 2009. It wanted to lock up a new location as quickly as possible but did not want to pay the cost of maintaining a vacant building in the interim. Wilson, who represented the partnership in the transaction, worked out a leaseback deal with the seller to remain in the premises till Delivery Ltd. can move in. The seller, Ambassador Capital LLC, uses the building for its Rose Tree bedding manufacturing and wholesale business.

Wilson would not reveal the lease rate, but the property listing, which offered the building either for sale or lease, quoted an annual rent of $3.25 a sf. The property was listed by Jeff Mercer, an EVP at NAI Robert Lynn in Dallas, and April Robert, an associate at the same firm. Wilson says he is currently looking to sell some buildings in New Mexico and will be seeking additional properties in the Dallas market after those deals are complete.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.