Just in time for the Red River Rivalry and its association with former Oklahoma U Coach Barry Switzer, a California partnership has sold its last holding in Texas, trading the five-building Switzer Business Park in northeast Dallas to a limited liability company from Fort Worth.
The 95%-leased asset, totaling 123,000 square feet, is located at 10840-930 Switzer Ave. There are more than 60 tenants in the class B project, a mix of office, industrial and flex spaces geared toward small to medium-size businesses.
Brian Pafford, senior vice president and managing partner of Bradford Commercial Real Estate Services, and Jason Finch, senior associate, represented the seller of record, Switzer Business Park Dallas LP, in the direct deal. The buyer is G.W. Floyd Ventures LLC, which has retained Bradford to continue leasing the project.
“We had multiple offers in a range of prices, but we felt this buyer could perform the best. He owns similar product type and understands how to operate it,” Pafford says.
Switzer Business Park has been quietly marketed for six months. From contract to close, the transaction was completed in less than 75 days.
The California partnership, a longtime client of Pafford’s, has owned Switzer Business Park for three years, taking it on as a value-add play with a moderate occupancy and expirations coming due. To date, more than $100,000 has been invested into exterior upgrades, lighting and landscaping. Also, spec suites were added to boost occupancy. In the past 12 months, the Bradford team has signed at least 20,000 sf in new leases and renewals.
“The strong appeal is the business park’s location near Interstate 635 and the size of the spaces,” Pafford says. Suites range from 1,300 sf to 6,000 sf.
The 6.6-acre Switzer Business Park was developed in the mid-1980s. It is positioned just a few blocks east of the interstate and roughly two miles from the 58,193-sf Northgate Business Park IV in Garland, which Pafford sold in July for the same investor.
Buyer G.W. Floyd Ventures also is getting a value-add opportunity, given current market conditions. Industrial vacancy is less than 6%, resulting in minimal landlord concessions in all submarkets because of high demand, particularly for projects with smaller spaces like Switzer Business Park.
“The new owner will be able to take advantage of the market and push rents with renewals and new deals,” Pafford says. The buyer will self-manage Switzer Business Park.