Off-Market Deal Nails Consolidation Site

DALLAS-In an off-market deal, a local businessman has taken title to a 54,250-sf industrial building after a short search of North Dallas for a consolidation site. A quick retooling is coming up next and then two leased sites get rolled into one.

The 2.6-acre asset at 2727 Northaven Rd. was being marketed for lease. “I knew the owner would probably sell for a certain price,” Nathan Denton, principal in Lee & Associates Dallas, tells GlobeSt.com. “We made an offer and they accepted. The owner decided they’d sell it to a user.”

Greg Duncan of Dallas, a vehicle wholesaler, bought the 37-year-old building from Knickerbocker Properties Inc. of Alexandria, VA, an 11-year owner that was represented by Tom Smolik, senior vice president with locally based TIG Real Estate Services. Based on the deal’s dynamics and the assessment, the sale price fell in line with the market–$30 per sf to $40 per sf.

Denton says the location near the Interstate 635-35E split was one of the chief dealmakers for a transaction that went from contract to close in two weeks. “He liked the building and the location,” the broker says, adding the make-ready plan is to redo the floors and paint the 5,000-sf office.