A spokeswoman for the Honolulu-based owner won't say if that was the case, but did confirm that Dallas-based Bradford Corfac International will be leasing the class A distribution space instead of CB Richard Ellis. The management reins remain in CBRE's hands.
The reassignment was confirmed on the same day that Alexander & Baldwin's top executives rang the NYSE's opening bell, signaling its start of public trading as the stock exchange's eighth Euronext Hawaii listing. The trading benchmark was achieved 95 years to the day that the company began trading on the Honolulu Stock and Bond Exchange. The new ticker symbol is AXB.
Bradford partners Todd Lambeth and Michael W. Spain will have been assigned to the seven-building Heritage Business Park. "Having Bradford's DFW-area leasing team 10 minutes from the project along with two senior brokers who cater their deal-making extensively to this submarket played a large role in the ownership's transition of the project's leasing assignment," Kevin Santaularia, Bradford's president and CEO, says in a statement for GlobeSt.com.
Alexander & Baldwin bought the 137-acre park in November 2007, paying $102 million for the seven buildings and an extra 28 developable acres. The park was 98% leased at the time. Despite the slide, the park's tenant roster remains filled with blue-chip names occupying 15,000 sf to 200,000 sf.
According to the North Texas Data Exchange, the park has a 110,091-sf opening in the 352,000-sf Heritage III at 1001 Nolen Dr. and a 30,240-sf hole in the 191,100-sf Heritage VI at 800 Industrial Dr., both in Grapevine. The portfolio has one building in Southlake, the 94,993-sf Heritage 1 at 1100 S. Kimball Ave. The other buildings, all in Grapevine, are the 120,000-sf Heritage II at 1000 S. Nolen Dr.; 348,979-sf Heritage IV at 801 Industrial Blvd.; 134,640-sf Heritage V at 900 S. Nolen Dr.; and 74,700-sf Heritage VII at 720 Industrial Blvd.
Bradford's history with Alexander & Baldwin "factored" into the win, according to the spokeswoman. Bradford leased an 850,000-sf, nine-building portfolio near Carrier Parkway and Texas 360 in the Great Southwest Industrial District and then brokered its sale in 2002 for A&B.
In a sense, the leasing change marks the first time that Heritage Business Park has left its developer's hands. Trammell Crow Co., with its leasing team now planted at CBRE, and Newark-based Prudential Real Estate Investors developed the buildings from 1997 to 2002. A&B bought the park from New York City-based ING Clarion Partners, which had inherited it in October 2002 in the takeover of Dallas-based Crow Holdings' Lion Industrial Trust and kept TCC in place to lease it. CBRE declined to comment on the leasing assignment loss.
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