A California partnership has sold its last holding in Texas, trading the five-building Switzer Business Park in northeast Dallas to a limited liability company from Fort Worth.
The 95%-leased asset, totaling 123,000 sf, is located at 10840-930 Switzer Ave. There are more than 60 tenants in the class B project, a mix of office, industrial and flex spaces geared toward small to medium-size businesses.
Brian Pafford, senior vice president and managing partner of Bradford Commercial Real Estate Services, and Jason Finch, senior associate, represented the seller of record, Switzer Business Park Dallas LP, in the direct deal. The buyer is G.W. Floyd Ventures LLC, which has retained Bradford to continue leasing the project.
"We had multiple offers in a range of prices, but we felt this buyer could perform the best. He owns similar product type and understands how to operate it," Pafford says.
Switzer Business Park has been quietly marketed for six months. From contract to close, the transaction was completed in less than 75 days.
The California partnership, a longtime client of Pafford's, has owned Switzer Business Park for three years, taking it on as a value-add play with a moderate occupancy and expirations coming due. To date, more than $100,000 has been invested into exterior upgrades, lighting and landscaping. Also, spec suites were added to boost occupancy. In the past 12 months, the Bradford team has signed at least 20,000 sf in new leases and renewals.
"The strong appeal is the business park's location near Interstate 635 and the size of the spaces," Pafford says. Suites range from 1,300 sf to 6,000 sf.
The 6.6-acre Switzer Business Park was developed in the mid-1980s. It is positioned just a few blocks east of the interstate and roughly two miles from the 58,193-sf Northgate Business Park IV in Garland, which Pafford sold in July for the same investor.
Buyer G.W. Floyd Ventures also is getting a value-add opportunity, given current market conditions. Industrial vacancy is less than 6%, resulting in minimal landlord concessions in all submarkets because of high demand, particularly for projects with smaller spaces like Switzer Business Park.
"The new owner will be able to take advantage of the market and push rents with renewals and new deals," Pafford says. The buyer will self-manage Switzer Business Park.
NORTH TEXAS SALE
Switzer Business Park Dallas LP has sold the 123,000-sf Switzer Business Park on 6.6 acres at 10840-930 Switzer Ave., Dallas, to G.W. Floyd Ventures LLC. Brian Pafford, senior vice president and managing partner of Bradford Commercial Real Estate Services, and Jason Finch, senior associate, represented the seller in the direct deal.
NORTH TEXAS LEASES
Dr. Warren J. Katz has renewed 5,082 sf of office space in LBJ & Preston Office Center, 6200 LBJ Freeway, Dallas. Melanie Hughes, senior vice president of Bradford Commercial Real Estate Services, and Sharon Friedberg of Fischer Co. represented the tenant. Denise Rachal of Trinity Interests represented the landlord, Caloden LLC.
Pura Vida Contracting has leased 3,317 sf of office space in Campbell Forum I, 801 E. Campbell Rd., Richardson, from Campbell Forum Partners Ltd. Jared Laake, market director of Bradford Commercial Real Estate Services, represented the tenant. Deborah Borum of Beltway Commercial Real Estate represented the landlord.
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.
