NAI Robert Lynn’s Leasing Activity Propels Sale of 787,591 SF Northfield Distribution Center

By: C. Pharr & Company
 
DALLAS - June 10, 2013 - PRLog -- Rick Medinis, executive vice president of the NAI Robert Lynn Industrial Division (http://www.robertlynn.com/Default.aspx?tabid=3702), recently worked with CBRE to arrange the sale of the 787,591-square-foot Northfield Distribution Center in Grapevine, Texas to EastGroup Properties. Medinis and CBRE represented the seller, Prologis (http://www.prologis.com/en/index.html), an owner and developer of distribution facilities worldwide. The complex consists of eight buildings, which are currently 100 percent leased to 31 tenants.

NAI Robert Lynn leased 128,000 square feet in the first quarter of 2013, bringing the project from 84 to 100 percent leased. The transactions, which maximized the value for the sale, included a 64,000 square foot lease to Smart Start, 48,000 square feet to RIM Logistics, and 16,000 square feet to Team Worldwide. Medinis has been leasing the property for nearly 14 years, first for the project’s developer, Seefried Properties and more recently under Prologis’ ownership. Due to his positive track record and depth of knowledge of the Dallas/Fort Worth Airport industrial market, EastGroup has decided to keep Medinis as the leasing agent.  

“EastGroup will be the fourth owner I have worked with at this location. Northfield Distribution Center is a great fit for EastGroup’s DFW portfolio, and I look forward to working together with them to see it continue to thrive in the dynamic airport market,” said Medinis.

NAI Robert Lynn strives to build long-standing relationships with clients resulting in valued partnerships across all market sectors. In this case, Medinis’ years of experience with the distribution center coupled with his proven track record of leasing success instilled confidence in the new property owner that working with NAI Robert Lynn will continue to help increase the value of the property.

About NAI Robert Lynn

NAI Robert Lynn specializes in providing commercial brokerage and consulting services including tenant representation and owner representation for office, industrial and retail properties, property management, investment sales and purchases. The company has been ranked in the top five of the Costar ranking of Dallas/Fort Worth (DFW) brokerage firms based on commercial square footage leased every year since the rankings began. NAI Robert Lynn has been providing its clients with superior service and market knowledge of the DFW area for 51 years. This is evidenced by the 2012 results, closing 727 transactions totaling nearly 19 million square feet, and managing more than nine million square feet of commercial properties. To learn more, visit www.robertlynn.com.
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Source:C. Pharr & Company
Email:***@pharrpr.com Email Verified
Tags:NAI Robert Lynn, Cbre, Northfield Distribution Center
Industry:Real Estate
Location:Dallas - Texas - United States
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