Nathan Rylander, director for Capstone Commercial Real Estate Group Inc. in Dallas, tells GlobeSt.com that the direct deal went full circle in three months, with the manufacturer of armored-car limos conducting a search stretching from East Plano to as far south as Waxahachie. Armor Horse, signing a long-term lease, will become the sixth tenant in a 220,000-sf office/warehouse at 1000 W. Crosby Rd. that was bought last year by Seaport Properties LP from nearby Addison and retooled and re-tenanted.
"In the past year, we've had a lot of success leasing it up," Rylander says. The hard push has filled all but three spaces, totaling 23,000 sf. The flex space is quoted at $9 per sf gross to $11 per sf gross.
Rylander says the turn-around plan gained steam earlier this year when printing company, Sonntag Inc., re-upped a 100,000-sf lease. It too is planning another long-term stay, he adds.
Armor Horse's team now works in a 10,000-sf space. "They wanted to be more centrally located and Valwood gets them there," Rylander explains.
But like all tenants, Rylander says rate was a foremost consideration in addition to location. "They were rate sensitive. This was one of those buildings that was going to give them a rate that worked for them," he says.
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