In a 20-day spin and no down time on the space, Bradford Commercial Real Estate Services has landed a Texas newcomer, Diamond Vogel Paint Co., as a new tenant for Railhead Business Station in north Tarrant County.
The Iowa-based company has leased 9,521 square feet of class A industrial space at 500 Railhead Road in Fort Worth from Sun Life Assurance Co. of Canada. Nick Talley, senior vice president and managing partner in the Fort Worth office of Dallas-based Bradford, represented the landlord in the direct deal.
"We had two prospects circling the space in a neck-and-neck competition," Talley said. "Diamond Vogel took the space as-is for more than the quoted rate."
Diamond Vogel's first service center in Texas came on line quickly because it was able to secure space previously occupied by another paint manufacturer. According to the company website, Houston also is on its radar screen. Diamond Vogel operates seven manufacturing facilities and 70 service centers in the Midwest and West.
Talley says the previous occupant had two months remaining on its lease after its relocation, triggering the race for Railhead's vacant space. "We ended up lowering the term by one month to get Diamond Vogel in immediately. There was not one day of down time," the broker discloses.
Credit for the deal's speed is due in part to Fort Worth's tight industrial market, where vacancy is less than 7%. Other factors are Railhead Business Station's quality construction and proximity to NE Loop 820, Interstate 35 W and two major airports. The 43,872-sf project also benefits from a Triple Freeport tax exemption and Enterprise Zone abatement. Design-wise, the structure features an ESFR sprinkler system throughout and 24-foot clear height.
There is a similar situation brewing in Railhead Business Station for 25,000 square feet of just-vacated space. Talley says the rent will flow until the end of November. "And, I've already got some prospects circling," he adds.