CARROLLTON, TX-A food distributor that specializes in Hispanic items has signed a seven-year lease for 158,080 square feet. La Familia Distributing is relocating to 1810 Kelly Blvd. from Dallas Corporate Center where it occupied about 154,000 square feet.
La Familia Distributing’s existing lease, which it signed five years ago, was expiring. “Renewal was a consideration, but they also wanted to look at other options in the market,” says Brant Landry, a principal with Transwestern’s Dallas office. He represented La Familia Distributing in the transaction along with Sharon Morrison and Bill de la Chapelle. The landlord, Cobalt Industrial REIT, was represented by Ken Wesson of Lee & Associates’ Dallas office.
Landry tells GlobeSt. that La Familia Distributing wanted to increase its efficiencies through improved warehouse functionality and to decrease occupancy costs. “We had two really good options in the Coppell area and a couple of options in the Valwood submarket,” he says.
The company chose Cobalt’s 315,000-square-foot industrial building because it offered the right mix of office and industrial space, along with a central location. “This was a very functional distribution building with 7,000 square feet of office space,” Landry says. “It offers a great location for employees and great access to the company’s customer base.”
Moreover, the new class A- space offers more favorable economics than La Familia Distributing’s existing space, which is owned by ProLogis. “With the new lease, the company was able to decrease its occupancy costs substantially,” Landry says. “It’s a very competitive market right now. The last time they signed a lease, it was landlord’s market. Now it’s a tenant’s market.”
As an added encouragement to relocate, La Familia Distributing was able to secure a small incentive package from the city of Carrollton. The company will move into its new space near the end of the year.
With the La Familia Distributing lease, Cobalt’s distribution facility is 50% occupied.
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