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Lincoln Advisory Snags 325,745-SF Portfolio

GRAND PRAIRIE, TX-MetLife ends a 17-year hold of four fully leased warehouses in the Great Southwest Industrial District. Comparable space fetches $30 per sf to $40 per sf.

By Connie Gore | Updated on October 07, 2008

[IMGCAP(1)]GRAND PRAIRIE, TX-In an all-cash win, Chicago-based Lincoln Advisory Group Ltd. has laid claim to a 325,745-sf four-building industrial portfolio, owned since 1991 by MetLife Inc. Comparable class B space in the Great Southwest Industrial District has been selling for $30 per sf to $40 per sf, with the dynamics of the just-inked deal pushing the higher end of the spectrum.

The New York City-based seller has released a 100%-leased cluster of buildings at 901-09 Avenue T in Grand Prairie and 2224 E. Randol Mill Rd. in Arlington, according to Lizzy Blake, vice president of Grubb & Ellis Co. She tells GlobeSt.com that the three-week marketing produced 10 offers with Lincoln Advisory Group scoring the win because its affiliate, Dallas-based Lincoln Property Co., had had hands-on experience in leasing and managing the portfolio a few years ago.

“Understanding of the product was important,” Blake stresses. “Our goal was to eliminate any re-trades down the road.” Lincoln Advisory Group bought Northcourt Center and the neighboring Randol Mill Road warehouse on behalf of a pension fund client, Columbia Industrial Properties LLC.

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