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DALLAS-After a year-long search, a partnership led by Bruce Wilson, a VP of the locally based Lynch Investment Co. Inc., has acquired a Dallas warehouse/office building for a committed tenant. According to Wilson, the partnership, BK-Ambassador Row Ltd., paid "somewhat less" than the $4.6-million asking price for the 129,061-sf building at 8220 Ambassador Row in the city's Brookhollow area.
The reason it took so long to find a satisfactory building, Wilson tells GlobeSt.com, was the parameters set by the tenant, Delivery Ltd., a furniture relocation, delivery and storage company. The Dallas-based mover required a fully air-conditioned building with a relatively large amount of office space and high level of tenant improvements. Wilson says the Ambassador Row property was the first available building meeting all the tenants' requirements at a price the buyer found acceptable.
The 5.9-acre property includes 27,000 sf of offices. Though built in 1964, it was remodeled in 2004. It features 20-foot clear heights in the warehouse area, five dock-high doors, four semi-dock doors, 130-foot truck court depth and 178 parking spaces. Located just across the Trinity River from the city of Irving, the property is less than a quarter mile of the junction of Interstate 77 with Texas State Highway 183.
An equally important factor for Delivery Ltd., Wilson adds, was that the company's existing lease at 6320 Denton Dr. in Dallas that does not expire till 2009. It wanted to lock up a new location as quickly as possible but did not want to pay the cost of maintaining a vacant building in the interim. Wilson, who represented the partnership in the transaction, worked out a leaseback deal with the seller to remain in the premises till Delivery Ltd. can move in. The seller, Ambassador Capital LLC, uses the building for its Rose Tree bedding manufacturing and wholesale business.
Wilson would not reveal the lease rate, but the property listing, which offered the building either for sale or lease, quoted an annual rent of $3.25 a sf. The property was listed by Jeff Mercer, an EVP at NAI Robert Lynn in Dallas, and April Robert, an associate at the same firm. Wilson says he is currently looking to sell some buildings in New Mexico and will be seeking additional properties in the Dallas market after those deals are complete.
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