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336,499-square foot manufacturing and distribution facility net-leased to the Apex Tool Group in Garland, TX |
GARLAND, TX, April 25, 2013 – Marcus & Millichap Real
Estate Investment Services, the nation’s largest real estate investment
services firm, has arranged the sale of a 336,499-square foot manufacturing and
distribution facility net-leased to the Apex Tool Group in Garland, Texas.
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| John Glass |
John
Glass, a senior vice president investments in Marcus & Millichap’s San
Francisco office, and James Bell, a vice president investments in the
firm’s Houston office, represented the seller. Glass and Scott Pertel,
an associate in San Francisco, represented the buyer.
“There
was a tremendous demand for the facility from both private and institutional
investors,” says Glass. “After
receiving a number of offers in just two weeks, an investor was selected that
closed the transaction in three weeks on an all-cash basis. The final selling
price was $10,700,000.”
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| James H. Bell |
“Apex Tool Group, a leading producer of hand and power
tools, is on a new 20-year triple-net lease,” adds Bell. “The lease is
guaranteed by Apex Tool Group LLC, which has an estimated $1.46 billion in
annual sales.”
“Apex Tool Group has been the principal manufacturer of
Sears Craftsman brand hand tools for more than 65 years,” says Pertel.
The
property is located at 3000 West Kingsley Road in Garland. The area is
part of the Northeast Dallas industrial market, which is the third-largest
submarket in the Dallas/Fort Worth metropolitan area with over 108 million
square feet of industrial space.
For a complete copy of the company’s news release, please
contact:
Ben Johnson,
Marketing Director
(925) 953-1736
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