Millennium Packaging LP has claimed the 21,840-square-foot balance of first-generation shell space in Mountain Creek Business Park’s Building 7 in southeast Dallas County.
The Midwest-based firm has relocated to 4940 N. Merrifield Road, Dallas, from Grand Prairie, leasing 20 percent of an owner-occupied building in the Red Bird/Airport Industrial Park submarket. The vacancy was on the market for two months.
“It’s hard to find brand-new dead storage space in that size range in any submarket of Dallas-Fort Worth. We had a lot of interest in this vacancy,” said Jason Finch, broker associate of Dallas-based Bradford Commercial Real Estate Services.
Finch and Michael W. Spain, executive vice president and managing partner, represented the landlord, HPA Real Estate LP. Elizabeth Jones and Chris Stout of JLL represented the tenant in the lease negotiations.
Key to the signing was the lease term, which was two years. The landlord’s affiliate, Desch Service Center USA LP, occupies 80 percent of the 54,600-square-foot building and has dibs on the space for future expansion.
“Dead-storage space typically is leased month-to-month or up to six months. A two-year term is not a typical lease for this category,” Finch said. “I expected lease-up would have taken longer than it did.”
Not only did the short term suit Millennium’s needs, but so did the landlord’s plan to keep the space in shell condition. The class A project, featuring a 32-foot clear height, was completed in 2018. HPA purchased the tilt-wall building shortly after it delivered for Desch, an electronic equipment repair service for the oil and gas industry.
“The dealmakers were the flexible lease term, clear height and the extremely clean condition,” Finch said.