CORFAC News

DALLAS - Building in a four-month lease to allow time to relocate, Progressive Laboratories Inc. has sold a 35,050-sf office/warehouse in the Las Colinas submarket to Chris Weir Commercial Enterprises LLC.  

Las Colinas Distribution Center, located on 1.9 acres at 1909 Hereford Dr. in Irving, Texas, is the second building in the past year Progressive Laboratories has sold to make way for its expansion, consolidation and relocation. Brock Wilson, senior vice president and managing partner of Dallas-based Bradford Commercial Real Estate Services, and Joe Santaularia, vice president, represented the seller.

The just-sold structure sparked numerous inquiries and offers when it hit the market. "We had heavy interest in it. There are not many buildings for sale under 100,000 sf," Wilson says. "The credit market is still favorable, which means buying versus leasing is an attractive alternative."

Equally appealing is the property's location, which is 16 minutes from Dallas/Fort Worth International Airport and readily accessible to freeways leading north, east, south and west. The fully air-conditioned building, developed in 1977, features 8,601 sf of office space, 26,449 sf of distribution space, six loading docks, 20-foot clear height and a sprinkler system.

Progressive Laboratories has used 1031 exchange funds to acquire a 200,000-sf building about a half-mile away. Dallas-based Chris Weir Commercial Enterprises, also executing a 1031 exchange, is planning to occupy the Hereford Drive building in October. Rick Medinis of NAI Robert Lynn represented the buyer.

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FOR ADDITIONAL INFORMATION:

Brock Wilson, 972-776-7081
Joe Santaularia, 972-337-9336

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.