In a user-to-user exchange, Takara Texas Holdings LLC has sold an 8,980-sf flex building in northeast Dallas to a California-based business looking to shift part of its operation to business-friendly North Texas from the West Coast.
Green Arch Alder Holdings LLC has snapped up 10827 Alder Circle in Dallas. The just-sold asset is a 1980s-era project set on 0.51 acres, one block from Miller Road and around the corner from an Amazon warehouse.
“Dallas/Fort Worth is on fire due to the inbound traffic of people and business from the West Coast. Five years ago, this small asset would have taken longer to sell and traded for considerably less than it just did,” says Joe Santaularia, first vice president of Dallas-based Bradford Commercial Real Estate Services. He represented the seller, also from California, along with colleagues Noah Dodge, senior associate, and Bret Cooper, market director.
The all-cash transaction went full circle in less than four months with no re-trading, an indicator of demand for industrial flex space in the market. Adding to the project’s desirability is the fully air-conditioned space, grade-level dock doors and easy access to Interstate 635. Dana J. Solof of Strategic Commercial Real Estate represented the buyer.
“It wasn’t even vacant one day,” Santaularia says. “The seller moved out and the buyer immediately moved in.”
On all fronts, Dallas/Fort Worth is benefiting from the California exodus of business and people as well as adjustments in the nation’s supply chain. Industrial demand is unprecedented as 44 consecutive quarters of positive absorption fuel near-record construction activity. Industrial reports show at least 40.3 million sf of requirements were floating around the market during the third quarter.
“There is a massive amount of pressure on DFW to meet demand from West Coast businesses and investors, institutional and entrepreneurial alike,” Santaularia says. “In today’s market, a project like Alder Circle is a coveted asset.”