A California-based investment group has sold a 100%-leased industrial-flex complex in Northgate Business Park IV in northeast Dallas to a 1031 exchange investor. The all-cash deal closed in less than 30 days.
The quartet, totaling 58,080 sf, is positioned on 4.02 acres at 2345-2477 Merritt Dr. in Northgate Business Park IV at the heart of a major industrial corridor in Garland. Brian Pafford, senior vice president and managing partner of Bradford Commercial Real Estate Services, represented the seller, Merritt Industrial Dallas Texas LLC.
"The seller's significant upgrades to the property have resulted in lease-up and strong interest from investors," Pafford says. "This buyer offered a quick due diligence, quick close and all cash."
The projects' new owner is Merritt Dallas Properties LLC of Austin. Stuart Smith of Cushman & Wakefield of Texas Inc. represented the buyer in the transaction.
Dallas-based Bradford will continue to lease and manage the 11-tenant project, which has no lease rollover for at least one year. The buildings, developed in 1986, were designed for small to mid-size users – two each of 12,300 sf and 16,740 sf. The tenant mix includes real estate companies, photography studio, engineering firm, consultants and repair shops.
"This is good functional space that is highly sought after in the northeast Dallas submarket," says Pafford, who's been leasing the project nearly two years.
NORTH TEXAS SALE
Merritt Industrial Dallas Texas LLC has sold a four-building industrial complex, totaling 58,080 sf, on4.02 acres at 2345-2355, 2363-2375, 2447-2459 and 2465-2475 Merritt Dr., Garland, to Merritt Dallas Properties LLC. Brian Pafford, senior vice president and managing partner of Bradford Commercial Real Estate Services, represented the seller. Stuart Smith of Cushman & Wakefield of Texas Inc. represented the buyer.
NORTH TEXAS LEASES
Fisk Electric Co. has renewed 18,163 sf of industrial flex space at 1617 W. Crosby Rd., Carrollton. Brian Pafford, senior vice president and managing partner of Bradford Commercial Real Estate Services, represented the landlord, RCI Valwood LLC. Tyson Erwin of NAI Robert Lynn represented the tenant.
Belt Power LLC has renewed 8,598 sf of warehouse space in Woodland Business Center, Building 2, 2007 108th St., Grand Prairie. Michael W. Spain, executive vice president and managing partner of Bradford Commercial Real Estate Services; Brock Wilson, senior vice president and managing partner; and Joe Santaularia, first vice president, represented the landlord, SL4 DFW Industrial LP. Brian Gilchrist of CBRE represented the tenant.
Bradford Commercial Real Estate Services/CORFAC International is a full-service real estate company based in Dallas with an annual transactions volume exceeding five million square feet. The company manages and leases more than 20 million square feet, valued at $300 million, in North Texas for its strategic partners.