Merritt Industrial Sells 100%-Leased Complex to Buyer

Merritt Industrial Dallas Texas LLC sold a quartet of flex buildings, totaling 58,080 square feet, to an Austin, TX-based 1031 exchange investor. The California-based seller acquired the asset in 2016, made upgrades, and leased it up. The end result is that the buyer now owns property that is 100% occupied.

The project’s new owner, Merritt Dallas Properties LLC, was represented by Stuart Smith of Cushman & Wakefield of Texas Inc. Brian Pafford with Bradford Commercial Real Estate Services represented the seller, and Bradford will continue to lease and manage the 11-tenant project.

The buildings are situated on 4 acres at 2345-2477 Merritt Dr. in Northgate Business Park IV in the Dallas suburb of Garland, TX. The property, which delivered in the mid-1980s, was designed for small- to mid-size users. The current tenant mix includes real estate companies, consultants, repair shops, an engineering firm and photography studio.

For comments, questions or concerns, please contact Texas Commercial Real Estate News Editor Amy Sorter