Streamline Packaging Solutions Renews Early, Extends 92,098-SF Lease in Great Southwest
FORT WORTH – In a surprise twist for the new owner, Streamline Packaging Solutions LP has signed a 92,098-sf early renewal and extended its lease for the long term in SCG River Park Business Center in the Upper Great Southwest Industrial District. The 500,728-sf class A industrial project is 95% leased.
"It speaks very favorably for the project that a tenant renews so early and wants to stay longer. I don't think that the new owner was expecting the early renewal given the amount of term that was left," says Michael W. Spain, senior vice president and managing partner of Dallas-based Bradford Commercial Real Estate Services.
Chicago-based SCG River Park Business Center LP acquired the 16-acre development in May and awarded leasing to Spain and Will Dillard, a broker associate with Bradford. Streamline's renewal of headquarters and manufacturing space at 15124 Grand River Rd. was the first transaction to be completed since the two-building asset changed hands.
Streamline Packaging has been a tenant nearly five years in the 355,328-sf Building B, which is fully leased. Blake Anderson and David Eseke of Cassidy Turley represented the tenant.
Given the industrial market's tight vacancy and rising rental rates, the Bradford team has several prospects eyeing the project's 15,000 sf of available space in the 145,400-sf Building A at 15600 Trinity Blvd.
"Options are very limited in that size range in the DFW Airport and Great Southwest submarkets," Spain explains. "Because we are seeing rental rate increases, it is a good time to lock in now rather than wait a year from now when rates could be 10% higher than they are today."