Tyco building prepped for resale

DALLAS — The former Tyco building along Monmouth Cutoff Road in Dallas is finally seeing more activity.    The lender has had to repossess the building — which has been largely vacant since 2007, when the printed circuit plant closed — from former owner Citizen Soldier and is now preparing it for sale.    Richard Ballew, a Washington real estate broker, was hired by the lender — who Ballew did not name as he wishes to remain anonymous — to spearhead the sale effort.    He said the lender, who is an elderly gentleman, would like to offer the building to area universities or municipalities first at a price that would recoup his investment into the property, a figure Ballew put at “well south of $2 million.”   “We are not trying to make money on it,” Ballew said. “We just want to get his money and move on.”    If educational institutions are not interested, the building will still be sold at the discounted rate, which Ballew said is a bargain for the 131,000-square-foot building on eight acres of property served by utilities adequate for most industrial uses.   That being said, Ballew said the lender would like to see the property go to someone who will make good use of it.    “I think it’s been an unfortunate situation with it sitting there and not creating any jobs,” Ballew said.    Dallas City Manager Ron Foggin said the city is pleased to see repair work going on at the site.    “We’re very pleased to see that the building is being taken care of,” Foggin said. “The grounds in front are being cared for and it actually looks like somebody owns the building.”   He said the deteriorating condition of the building previous to the lender taking possession had prevented anyone from making productive use of the facility.    “There have been people in there from time to time, with not a lot of success,” he said. “Because the building wasn’t being cared for, those all ended quite badly.”   Foggin said the city has renewed hope those bad endings will change in the future. He said adding to the already attractive price is that the property has pre-paid system development charges if a buyer is interested in further development.    “Hopefully, it will be a good investment for multiple companies or one company to come in and actually use the facility for an active business,” he said. “We would love to see that.”   Citizen Soldier purchased the building from TTM Technologies in 2010 for a bargain, $250,000, and put some work into the facility, but ultimately didn’t attract many tenants. Ballew said eventually the loan on the building fell into default.   Ballew hired Gordon Christian to lead contractors in getting the facility ready to go back on the market. Work will continue for several more weeks before Ballew begins to actively market the building.    Ballew stressed that the lender is not looking to lease the building, but step away entirely.    “We are going to sell it for a lot less than it cost to build it,” Ballew said.    On The Market   What: Former Tyco property.   Where: 1270 Monmouth Cutoff Road, Dallas.   Size: 8.84 acres of land; 131,000 total square feet of office and manufacturing space. Paved parking lot with 360 spaces available.    Of note: Marketing of the property has not yet begun as repair work needs to be finished first. Real estate broker Richard Ballew said the property will first be offered to area universities or municipalities, per the wishes of the lender.    


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