GARLAND, TX-A 336,499-square-foot manufacturing and distribution facility at 3000 West Kingsley Rd. here net-leased to the Apex Tool Group has sold for $10.7 million to an undisclosed buyer. The property garnered considerable attention from a variety of investors.
John Glass, a SVP investments in Marcus & Millichap‘s San Francisco office, and James Bell, a VP investments in the firm’s Houston office, represented the seller. Glass and Scott Pertel, an associate in San Francisco, represented the buyer.
According to Glass, “There was a tremendous demand for the facility from both private and institutional investors. After receiving a number of offers in just two weeks, an investor was selected that closed the transaction in three weeks on an all-cash basis.”
Bell added in a prepared statement that the tenant is on a new 20-year triple-net lease. “The lease is guaranteed by Apex Tool Group LLC, which has an estimated $1.46 billion in annual sales.” Pertel said that the tenant has been the principal manufacturer of Sears Craftsman-brand hand tools for more than 65 years.
The area in which the property is located is part of the Northeast Dallas industrial market, which is the third-largest submarket in the Dallas/Fort Worth metropolitan area with more than 108 million square feet of industrial space. The single-tenant, freestanding, concrete tilt-wall facility was built in 1963 and received significant renovations in 2012 including new carpet and flooring, interior and exterior paint, office-space modifications, new landscaping, improvements to the lobby and entry area and HVAC replacement. Upgrades such as a new roof overlay on approximately 200,000 square feet of the roof will continue this year.
As GlobeSt.com reported last week, growing beverage manufacturer Tweaker Energy Drinks has found some additional elbow room in an office warehouse building in Northwest Dallas. Tweaker bought a 32,086 square foot building once held the operations of the El Fenix restaurant chain.