(Read more on the industrial market.)
NORTH RICHLAND HILLS, TX-Fitz Manufacturing LLC will relocate this month into a 129,000-sf distribution center. The expansion space, bed down with a long-term lease, went full circle in less than three months.
The airplane parts manufacturer took as-is space at 6625 Iron Horse Blvd., which has been empty nearly one year due to Kimberly-Clark Corp.'s relocation of its Tecnol operations to Mexico. “It's nice to see facilities on the market finally moving. You keep seeing companies growing by 50% or more,” Walter Floyd, principal of NAI Huff in Fort Worth tells GlobeSt.com, “that's good news.” He says the finished deal for the local company did include a tenant-improvement plan with only minor modifications, but the asset clearly didn't require any extensive work to meet the inbound tenant's operating needs.
Fitz Manufacturing is leaving a 22,000-sf building, built in 1990 on 1.3 acres at 4212 McLean Rd. in Haltom City that it bought in January 2006. NAI Huff associate Ryan Wood teamed with Floyd for the direct deal in a Fort Worth submarket where the average rental rate is $3.85 per sf.
Last month, Industrial Realty Group of Downey, CA bought a three-property portfolio from Kimberly-Clark. In addition to Fitz's new building on 9.5 acres, IRG also bought a 220,000-sf warehouse at 7201 Iron Horse Blvd. and 57 developable acres.
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