105,120-SF Industrial Asset Sells

FARMERS BRANCH, TX-A two-building industrial holding, assessed at $1.7 million, has changed hands in a sale/leaseback with a possible short-term hold.

At the time of purchase, the Dallas-based Holt Cos.’ plan was leaning toward cleaning up the complex at 13911 Distribution Way in Farmers Branch and putting it up for sale in a three- to six-month turnaround, one of its brokers tells GlobeSt.com. As the plan takes root, the seller, Dan McIntyre of Atlan Plastics, is leasing 50% of the 105,120-sf complex on a month-to-month basis.

McIntyre’s broker, David Lester of Lester & Gallini in Dallas, had the 100,800-sf warehouse and 4,320-sf storage building on the market for close to $2 million. Making the close on the 4.3-acre property for the Holt Cos. were PJ Brady and David Cartwright, who are mum about the final price due to the short-term hold strategy that’s at work. But, Cartwright did say that the complex needs only cosmetic upgrades before it can be returned to the market.

According to Dallas Central Appraisal District records, McIntyre bought the property in October 2002. A portion of the larger building, built in 1959, is leased to D&S Tool Inc.