In an off-market move, a California-based 1031 exchange buyer has scooped up a vacant 38,500-sf warehouse in Lone Star Park as the first location in Texas for a specialty tire retailer.
The move in-ready warehouse, located at 1900 Lone Star Dr., Dallas, has changed hands in a 30-day look, 15-day close. Brock Wilson senior vice president and managing partner of Bradford Commercial Real Estate Services, and Joe Santaularia, first vice president, represented the seller of record, SL4 DFW Industrial LP.
The project had been listed for lease only. "This 1031 exchange buyer came along and wanted to buy not lease," Wilson says. "Ultimately, the offer was strong enough to convince the owner to sell."
If all goes as planned, the specialty tire retailer's shop will open in October. Drew Feagin of Stream Realty Partners represented the buyer, First American Exchange Co. LLC.
In a twist of fate, the 1.9-acre property was developed in 1984 for a tire company, according to Wilson. The building has six dock-high loading doors, one with a ramp, 23-foot clear height and a sprinkler system. Outside storage and a large surface parking lot are added bonuses for a retail tire operation.
The warehouse had been vacant nearly one year. As part of the leasing strategy, seller Stonelake Capital Partners had upgraded and white-boxed the interior for a new tenant.
"We had decent interest in it," Wilson says. "It's a good location."
The warehouse is positioned at the corner of Hampton Road and West Commerce Street, just minutes from downtown Dallas. It also has easy access to Interstates 30 and 35.
Stonelake Capital Partners is one of Lone Star Park's largest property owners. The just-sold asset was part of the seller's SL4 portfolio, totaling 2.1 million sf in established infill markets in Dallas and Houston. In all, the private real estate equity firm owns 8.7 million sf of warehouse space and 2.5 million sf of office in north, south and central Texas.
NORTH TEXAS SALE
SL4 DFW Industrial LP has sold a 38,500-sf warehouse on 1.89 acres at 1900 Lone Star Dr., Dallas, to First American Exchange Co. LLC. Brock Wilson, senior vice president and managing partner of Bradford Commercial Real Estate Services, and Joe Santaularia, first vice president, represented the seller. Drew Feagin of Stream Realty Partners represented the buyer.
NORTH TEXAS LEASES
Surface Preparation – Texas LLC has leased 19,200 sf of flex industrial space in Trinity West Business Park Building B, 2450 114th St., Grand Prairie, from William J. Owen Trust and OMO Investment Co. Jim Ferris, vice president of Bradford Commercial Real Estate Services, and Michael W. Spain, executive vice president and managing partner, represented the landlord. Colton Rhodes and Mark Graybill of Lee & Associates DFW represented the tenant.
BCFS Health & Human Services has leased 6,290 sf of office space in Tower 360, 1901 N. TX 360, Grand Prairie, from CC-1 North Hwy. 360 LP. Jared Laake, market director of Bradford Commercial Real Estate Services; Erik Blais, vice president; and Richmond Collinsworth, first vice president, represented the landlord in the direct deal.
EcoPro LLC has leased 5,160 sf of flex industrial space in Trinity West Business Park Building A, 2550 114th St., Grand Prairie, from William J. Owen Trust and OMO Investment Co. Jim Ferris, vice president of Bradford Commercial Real Estate Services, and Michael W. Spain, executive vice president and managing partner, represented the landlord in the direct deal.
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.
