EastGroup Corners 80,000-SF Industrial Lease

DALLAS-Computer recycler Hobi International Inc. has stamped an 80,000-sf, five-year lease for Dallas’ Ambassador Row in a relocation and consolidation that is now under way.

EastGroup Properties Inc. of Jackson, MS owns the warehouse, vacated in mid-2001 by the now defunct KAB International. Hobi is in the process of moving the operations from an EastGroup building sold in January and a storage location along Mercantile Street.

With the signing, EastGroup gets to hang a “no vacancy” sign on the three-building, 317,000-sf complex along Ambassador in the city’s Brookhollow industrial submarket. “The pressure’s off and I am relieved,” Tom C. Smolik, senior vice president of Dallas-based TIG Real Estate Services, tells GlobeSt.com. Hobi’s new address is 7601 Ambassador.

Smolik says the inbound tenant looked at several locations in Dallas industrial areas before staying with EastGroup as its building owner. “We presented an attractive deal for them,” Smolik says. Craig Jones of the Robert Lynn Co. of Dallas brokered the talks for Hobi International.