Forest Park, GA-based Century Warehouse's long-term lease has filled the 161,211-sf warehouse at 1130 Avenue S for ProLogis, which ripped up the long-time tenant's previous lease with 18 months to go on the term, Gary Lindsey, senior vice president in Dallas for Santa Ana, CA-based Grubb & Ellis Co., tells GlobeSt.com. "We just kind of zeroed in on that ProLogis building and didn't go to market," he says. "It wasn't a lay-down easy. It did take a couple months to negotiate."
Lindsey says Century Warehouse, with some new accounts in hand, needed to stay in the Great Southwest Industrial District. The talks ended with a relocation from 50,000 sf in a Denver-based ProLogis-owned warehouse at 2023 Exchange Dr. in Arlington.
ProLogis had in-house broker Joe Rudd negotiating its terms for a deal that filled 63% of the warehouse. The space had been on the market for $3.25 per sf, triple net.
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