Tuesday, February 22, 2011
DALLAS -- The owners of the former TTM Technologies plant on Monmouth Cutoff Road in Dallas have altered the strategy to restoring activity to the long-vacant building.
Jennifer Hand, a broker with Salem's Gall Real Estate Service, said the facility has been taken off the market in favor of pursuing leases. Hand represents owners Citizen Soldier and Redco Group Development in dealing with the property. The 131,000-square-foot building had been listed for sale at $5.24 million.
Hand said there had been plenty of inquiries into the building, but nothing that would require the entire facility, a former printed circuit board plant that closed in 2007.
"We were happily surprised about how much interest there has been in leasing portions of the building," Hand said last week.
She said most who were interested in the building were looking for significantly less than 131,000 square feet of space. Taking that cue, the owners have decided to treat the facility as an investment property and are considering leases, Hand said.
She said interested businesses were pleased with the new direction, but so far no deals have been finalized.
In a surprising move last August, former owner TTM Technologies sold the facility for a mere $250,000, baffling local officials and those in the real estate industry. Citizen Soldier and Redco promptly put the building back on the market at $5.24 million.
The new owners have invested money into the facility to prepare it for future occupants. With multiple entrances, the building could easily be subdivided for several businesses looking for manufacturing and office space, Hand said.
"We are trying to let people know that it is incredibly flexible," Hand said during a tour of the facility last August.
Former TTM Technologies property.
1270 Monmouth Cutoff Road, Dallas.
8.84 acres of land; 131,000 total square feet of office and manufacturing space. Space can be subdivided.
For more information:
Jennifer Hand, 503-363-6051.