Invacare took down approximately 43,754 square feet in the mid-1990s at 1825 Westpark Dr. in Great Southwest Industrial District. Invacare began a new site search last fall, touring eight properties. In addition, two unsolicited offers came through.
"Those buildings, for various reasons, didn't end up on our tour list, and when those landlords found out we were in the market, they sent in a couple of unsolicited proposals," explains Michael Spain, vice president and managing partner of Bradford Commercial Real Estate Services. Spain teamed with Bradford Commercial colleague Kevin J. Santaularia to represent the tenant and tells GlobeSt.com that those unsolicited offers were very aggressive. "We had an offer for free rent, and also for moving allowance."
Also aggressive, he continues, was the final agreement with the landlord, which was represented by Canon Shoults of Holt Lunsford Commercial Inc. In addition to getting a good market deal, Spain comments that the TIs included finish-out and lighting upgrades.
The landlord interest in the client didn't surprise him, however. For one thing, vacancy in Great Southwest Industrial, which sprawls over parts of Arlington, TX and Grand Prairie, is pushing 17%. Furthermore, Spain explains, Invacare is a tenant that property owners like. The company is credit-worthy and landlords are pursuing credit-worthy tenants with a vengeance.
Plus when it comes to actual space needs, it isn't very demanding. "They needed 85,000 square feet with minimal office," Spain comments. "That's attractive, especially if you're dealing with new construction. All the landlord had to do was finish out a couple of thousand square feet, put lights in the office, and they're done."
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