GRAND PRAIRIE, TX-In keeping with current industrial trends, a fully occupied 92,500-square-foot warehouse has sold in a 45-day spin in the Great Southwest Industrial District, where vacancy is at its lowest level in six years.
A California-based limited liability company has sold 1170 109th St. in Grand Prairie to an out-of-state partnership making its first acquisition in the Dallas/Fort Worth metroplex.
"We had a real strong offer. It closed in 45 days, including due diligence. Given the vacancy rate, it's getting considerably harder to find product for sale with creditworthy tenants in the Great Southwest," says Michael Spain, senior vice president and managing partner of Dallas-based Bradford Commercial Real Estate Services.
The buyer, with ties to several states, has scooped up a single-story vintage warehouse on 4.25-acre corner lot within a quarter-mile of Texas 360, and a short distance from Dallas/Fort Worth International Airport. The 39-year-old warehouse, renovated in 2009, boasts an irreplaceable location at the heart of the 7,000-acre, 83-million-sf Great Southwest, planned industrial development.
"This warehouse was vacant four or five years during the downturn, but the seller held onto it," Spain says. He and Bradford vice president Jim Ferris subsequently won the lease/sales listing from GP 1170 LLC, ultimately net leasing it for the long term to Northwest Sign Industries.
The Great Southwest's industrial vacancy was recently pegged at 8.5%, the lowest since 2007. "We've probably surpassed that by now," Spain adds. "The timing really was right for an entrepreneurial investor to buy this particular asset."
Lissa Cooke of Cooke Swaney & Cooke represented the buyer, 1170 109th Street.
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