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2M-SF Industrial Package Gets New Leasing Team

DALLAS-In a first for its metroplex holdings, Industrial Properties Corp. out-sources day-to-day leasing for a 1.8-million-sf, 21-building portfolio. The winner is Robert Lynn Co.

By Connie Gore | Updated on July 22, 2008

DALLAS-Out-sourcing all of its leasing for the first time in Dallas/Fort Worth, Industrial Properties Corp. has put a 1.8-million-sf portfolio into the hands of the Robert Lynn Co. The hotly pursued assignment is an 87%-leased mix of 21 buildings, with the heaviest concentration in north and northwestern Dallas.

Gregg Hamill of Industrial Properties Corp. will continue to manage the portfolio of buildings, ranging from 10,000 sf to 150,000 sf while turning over the day-to-day leasing reins to a seven-member team led by Robert Lynn principal Mark Miller. “For us, it’s an ideal assignment, right in the middle of our bull’s eye,” Miller tells GlobeSt.com. “There’s a reasonable amount of vacancy, but not a tremendous amount. It’s all very good product and very leasable product.”

Adam Curran, an associate with Dallas-based Robert Lynn, says the portfolio’s largest open block is 66,240 sf and the smallest, 3,700 sf. The assignment’s sweet spot is most deals today are less than 40,000 sf due to the prevailing economic climate. “Filling vacancies in an overall sluggish economy will be challenging, but they’re great spaces and they show well so hopefully there won’t be a long down time,” he says. The industrial mix ranges from $3.75 per sf to $6.50 per sf.

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