Avison Young Brokers Sale of New Dallas Industrial Facility
- Jul 13, 2017
Avison Young completed the sale and forward equity placement of a newly developed build-to-suit distribution center in the Dallas-Fort Worth submarket of Grand Prairie. The facility located at Grand Lake Boulevard and Gifford Street sold to an affiliate of Lexington Realty Trust.
O’Neal Industries Inc. signed a long-term lease on the property, which was completed in 2017. The building was constructed with 15-ton cranes that allow the tenant to transfer steel across the warehouse’s 770-foot length. Also included is 15,000 square feet of office space that features a mix of large open space and suites, along with amenities such as showers and lockers, a large dining area and a patio.
The building is being designed with LED lighting, a minimum of 32-foot clear height ceilings, a 40-foot roof height, four drive-in doors and two drive-through lanes. There is parking for 92 cars. The center is located in between Dallas and Fort Worth, with frontage on Interstate 30, close to I-35, SH-360 and Loop 12.
Principals Erik Foster and Mike Wilson of Avison Young’s National Industrial Capital Markets Group worked on behalf of developer Altera Development Co.
“In today’s environment, developers are equally as concerned with raising capital as they are with the construction and longer-term exit strategy,” Foster told Commercial Property Executive. “These types of strategic relationships that we provide to developers are highly valuable in helping to move a project of this magnitude through the development cycle.”
This deal follows shortly after Avison Young also brokered the sale of a medical office building in Silver Springs, Md., for $24 million.
Image courtesy of Avison Young