Located at 3807 Oates Dr. about two miles east of Loop 610, the land is situated right in the middle of several other transportation companies. "It's a truck haven," says Mark Nicholas, a senior vice president with the Staubach Co. who represented the trust in the transaction. For example, Central Freight, JB Hunt and Yellow Transportation are all located nearby.
"The property offers good access to the ship channel," Nicholas says. The acquisition includes a 15,000-sf maintenance building for the Phoenix-based Swift's new location.
According to Nicholas, there's not a lot of stabilized land in the area available for sale or lease. And, he says what is available is expensive--more than $1 per sf. "Swift liked the size of the land parcel, the existing structure and the fact that it was already stabilized so they didn't have to reinvent the wheel," Nicholas tells GlobeSt.com. The company will use the land to store trucks and trailers.
For the past eight years, the property has been leased to various industrial users, but the Heuske Family Trust decided it was time to sell the property, which had been in the portfolio more than 30 years. At one time it housed Tubular Pipe Maintenance, a pipe distributor owned by the Heuske family.
"We had more lease offers than purchase offers, but we held out for a user because they pay more," Nicholas says, adding the land received three offers from users. Swift Transportation was the highest offer.
Swift Transportation, paying cash for the property, will move in next month, Nicholas says. The trucking company was represented by Wayne Ehlir of Phoenix-based Arizona Industrial Real Estate Advisors. Nicholas also is marketing another 20-acre parcel of stabilized land across the street on behalf of the Heuske Family Trust.
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