Petroleum Analyzer is planning to move into 8802 Fallbrook Dr. by midsummer. The 216,000-sf, cross-dock facility offers frontage on Beltway 8 and plenty of parking, according to Andrew Mele, vice president of the Philadelphia-based Liberty Property Trust, who singled-handedly brokered the deal.
"Location was the key motivator, but visibility was important as well," Mele explains. "This building was perfect for them." Currently, Petroleum Analyzer occupies 45,000 sf at 300 Bammel Westfield Rd.
Mele tells GlobeSt.com that one of Petroleum Analyzer's executives identified Legacy Center as a possible relocation site and placed a call based on the sign. Negotiations took more than six months, he says. "We spent some time on how much space they actually needed," he says. "At first, they thought they needed less space, but ended up taking the remaining space in the building." The building's 153,000-sf balance is leased to Foxconn, which is part of the Taiwan-based Hon Hai Precision Industry Co.
As part of the pact, Petroleum Analyzer will get building and monument signs. "They were able to get distribution space, but still have a nice image," Mele says. The finish-out plan calls for 15,000 sf of mezzanine office space.
According to Mele, the facility leases for $3.96 per sf, triple net. "We got very close to that amount," he says. "This was one of the better deals that we've done--from a landlord perspective."
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
