Las Colinas Mixed-Use Asset Changes Hands

By Razvan Cimpean

Las Colinas Distribution Center 4 and 5

Gretzinger Investment Group LLC has acquired a two-building, 103,000-square-foot asset in Las Colinas, Texas, in an off-market transaction. The property consists of a 22,154-square-foot office building and an 80,900-square-foot warehouse. Las Colinas Distribution Center 4 and 5 were previously owned by a North Texas family trust.

Hahn Franklin-Mitchell of Younger Partners negotiated the sale on behalf of the buyer, while Brian Pafford of Bradford represented the seller. Bradford Commercial Real Estate Services will continue to handle the leasing for the asset.

EXPANDING TEXAS FOOTPRINT

Located at 3242-50 N. Skyway Circle and 3241-51 W. Story Road, east of Dallas/Fort Worth International Airport, the two buildings sit on a six-acre lot. The buyer will soon begin exterior improvements. The property was fully occupied at the time of the sale. Tenants include JMP Engineering, Beckett Corp. and PCI Logistics. With 10 industrial and retail properties owned throughout the state of Texas, this is the first DFW acquisition for Gretzinger.

“Las Colinas continues to be a highly sought after location because of its image and positioning in Dallas/Fort Worth,” Brian Pafford, senior vice president & managing partner of Bradford, said in a prepared statement.

Earlier this year, Bradford represented Sabal Financial Group in the lease expansion negotiated with Sirius XM at an office building in Irving, Texas.

Image courtesy of Gretzinger Investment Group LLC