DALLAS – In an off-market deal, 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 Lone Star Park warehouse, 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 listed project is 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.”
Furthermore, the 1.9-acre 1984 developed property is 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. Above all, outside storage and a large surface parking lot are added bonuses for a retail tire operation.
Besides, the Lone Star Park warehouse had been vacant for 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.”
It positions the warehouse at the corner of Hampton Road and West Commerce Street, just minutes from downtown Dallas. Also, it has easy access to Interstates 30 and 35.
Stonelake Capital Partners is one of Lone Star Park’s largest property owners. The off-market deal asset was part of the seller’s SL4 portfolio, totaling 2.1 million sf in established infill markets in Dallas and Houston. Furthermore, 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.