PSI Group Inc. signed an 84-month lease for Regency I at 1025 Post & Paddock Lane in Grand Prairie, driving an immediate backfill of about one-third of an Ohio State Teachers Retirement System-owned building that went dark as lease negotiations entered the final round. The structure had been used as a production facility by Executive Greetings Inc. of New Haven, CT, which filed a Chapter 11 bankruptcy at the year's start.
"We slipped right in as they were moving out," Dan Cook, senior director with Cushman & Wakefield of Texas Inc., tells GlobeSt.com. "It was a sweet deal for the landlord...to be able to backfill it immediately." He and Brad Jones, a C&W associate director in New York City, represented the Omaha-based PSI Group and Kevin J. Santaularia, president and CEO of the Bradford Cos. in Dallas, negotiated for the pension fund owner.
Cook says PSI Group, with a 25-city nationwide network for mail processing, will consolidate operations from 113th Street in Grand Prairie and the Turnpike Distribution Center in Dallas, but gain more space with the relocations. PSI is making minimal change-outs to its portion of the eight-year-old, 405,780-sf building. A mid-August move-in is penciled on the calendar.
The nine-month search for a consolidation site ended with three buildings on the short list, all in the Great Southwest Industrial District. "It was a very competitive price, but the features of the building really ruled the day," Cook says of a structure two blocks east of Interstate 360 and just a few miles from the Dallas/Fort Worth International Airport. According to C&W's second-quarter report, high-end industrial space comparable to the just-leased building gets $7.53 per sf, on average.
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