DALLAS – In a 90-day leasing flurry, Bradford Commercial Real Estate Services has inked nine leases, totaling 153,310 sf, in its push to maintain the stabilization of a 938,679-sf industrial in-fill institutional portfolio in Dallas for the new joint venture between Investcorp and Brennan Investment Group LLC.
Seven of the nine leases are renewals – all the result of direct negotiations. Brock Wilson, senior vice president and managing partner of Dallas-based Bradford, is the Landlord’s broker for the 98.2%-leased portfolio, which is down to two small suites to fill.
The leasing flurry has locked in 104,110 sf at seven buildings in Marsh East and Marsh West Business Park, which crisscrosses the Addison-Carrollton line. The largest renewals are Nosco Inc., 51,498 sf, at 1100 Venture Court and Progressive Packaging, 25,260 sf, at 1050 Venture Court, both in Carrollton.
Retaining or taking space in the portfolio’s Addison properties are:
▪ Stealth Monitoring Inc., 14,622 sf, at 15182 Marsh Lane
▪ Design Shutters, 7,918 sf, at 3720 Arapaho Rd.
▪ Valor Drilling Fluids, 1,988 sf, at 3784 Arapaho Rd., a new lease
▪ Galaxy Telecom LLC, 1,698 sf, at 3788 Arapaho Rd.
▪ Pool Stewards, 1,126 sf, at 3780 Arapaho Rd., also a new lease
The rash of signings also includes two renewals in Dallas – Curtis Specialized Moving & Storage, 43,200 sf, at 460 W. Mockingbird Lane, and Actega, 6,000 sf, at 3031 Quebec Rd.
Investcorp and Brennan have owned the 16-property portfolio since summer. “The portfolio created a value add component to the overall national acquisition. The upside has been realized through the renewals and new leases,” Wilson adds. “Not all 2019 rollovers are completed, but we are working through them.”
There are 10 fully leased buildings in the Dallas portion of the portfolio, a diverse mix of sizes and industrial product types developed between 1977 and 1990. “This is Brennan Investment Group and Investcorp’s second large co-investment,” according to Troy MacMane, managing partner and co-founder of Brennan Investment Group.