"They were looking to expand, but their current building couldn't accommodate them," says Stephen B. Schneidau of Cushman & Wakefield of Texas Inc.'s local office. "Their first preference was to have all operations under one roof, but having a satellite location works just as well." The company expanded by roughly 40% at 16445 Air Center Blvd., just a couple miles from its existing facility at 15555 Vickery Dr. Arnoni Aviation will start operations in the space this month.
Schneidau represented Arnoni Aviation in the transaction while the building owner, Philadelphia-based Liberty Property Trust had in-house exec Andrew Mele negotiate its terms. "Liberty has been very aggressive in securing new business," Schneidau says.
The new lease brings the 100,000-sf building to 100% occupancy. "This deal was important to Liberty because they wanted to get the building completely leased so they could start construction on another industrial building," Schneidau says. The structure's quoted rent is $6.60 per sf gross.
Schneidau tells GlobeSt.com that location and electrical power capacity were critical for Arnoni Aviation when it evaluated expansion space. "Being close to the airport was important because 80% of their products are distributed across the US," he says.
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