CORFAC News

DALLAS – With investment properties in strong demand, a North Texas-based partnership has sold a 102,732-sf net-leased property in the Upper Great Southwest Industrial District to Conti Warehouses LLC of Fort Worth.

The property at 1470 Avenue T in Grand Prairie was developed in 1994 as a build-to-suit for Genesee Stamping & Fabricating Inc., which is firmly rooted in place with term left on its lease. The seller and original owner, NTA Holdings Ltd., was represented by Michael W. Spain, senior vice president and managing partner of Dallas-based Bradford Commercial Real Estate Services, and Jim Ferris, vice president. Representing the buyer was Ryan Wood of Conti Warehouses.

"We had a lot of activity that resulted in a number of offers for that building," Spain says. "With Conti's proven track record, they're an extremely qualified buyer, which weighed heavily with the seller."

The seller was able to leverage today's market, particularly in the Great Southwest where for-sale product is limited and industrial vacancy is 6%. "There are just not a lot of pure investment opportunities in the Great Southwest. It's extremely competitive right now, even for leased space," Spain stresses. "Market conditions in the Great Southwest are the healthiest I've seen in the 15 years I've been there."

From an investor's perspective, the just-sold property is large enough – nearly 6.4 acres – that the manufacturing/warehouse building can be expanded. The industrial space features eight dock doors, 20-foot clear height, heavy power and 100% HVAC and a full-building sprinkler system. Equally important from an investment standpoint is the location, which is easily accessible to TX 360 and 161, Highway 183 and Dallas/Fort Worth International Airport.

"The Great Southwest is always going to be one of the top three submarkets for investors," Spain says, "and there are a lot of investors chasing deals right now."

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FOR ADDITIONAL INFORMATION:

Michael W. Spain, 972-337-9325
Jim Ferris, 972-337-9334

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.

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