Byron McCoy, a partner with Younger Partners, has filled up three buildings totaling 92,941 square feet of space in the past six months. The three fully occupied buildings are Metrocrest II Business Centre at 3033 Kellway Drive in Carrollton, Texas; 1200 Commerce Drive in Plano, Texas and 3365 Regent Boulevard in Irving, Texas. “Everyone is feeling it; these are tough times to make a new deal,” McCoy said. “But the timing was right for these deals. The tenants wanted to be in these specific areas, and we have very responsive owners who defer to their leasing teams’ market expertise and recommendations.” 3365 Regent Boulevard, which McCoy leases with Younger Partners broker Garrett Marler, was filled because the location was just what the tenant needed. That deal was brokered with Younger Partners broker Tanja McAleavey representing the tenant. Metrocrest II reached full occupancy with some organic growth of an existing tenant, as well as other leases (totaling 17,181 square feet.) The owners weren’t afraid to invest in improving the building and the rental rates were competitive to make a deal. The transaction at 1200 Commerce worked out because the owner made the right moves to help the tenant get into a great space for its specific needs. That tenant will be moving in at the end of October. McCoy has leased this building for 17 years. This is the third time he’s gotten this building to 100 percent occupied during this period. “We did some creative leasing deals and I have some great owners who maintain the buildings well and are willing to tackle obstacles that might give some tenants a reason to pause,” McCoy said. “Plus, I’m pretty tenacious and don’t want to let a possible deal slip away.”

Being in the business of distressed debt for the past 12 years has taught me a lot about investor appetite in this space, but most importantly, and as with most things, timing is everything. Traditionally, real estate investors and developers never want to have the music stop in the middle of development, days after a recent purchase, or at a time when they are struggling with an investment. However, recessions usually don’t come with warnings for the average owner. This cycle is very different than what we have experienced in the past, and in my opinion, is worse. If you think about it, when the Great Recession hit, as soon as the dust settled over Wall Street, there was nowhere to go but up. With the pandemic, the recovery doesn’t begin until the pandemic ends. So what does that mean for those who have funds waiting on the sidelines and want to be the first in line for distressed debt?

It’s not here yet. Yes, assets are hurting, but if the true recovery hasn’t begun, the impact to value is still unknown. This is one of the most important considerations to those making decisions on buying and selling distressed debt/properties. In my opinion, until the end is in sight for the pandemic, it will be difficult for any investor to underwrite effectively. Next year will provide the best opportunity for purchases of distressed assets. Click to read more at www.dmagazine.com.

Swiss American CDMO, (Contract Development and Manufacturing Organization), a North Texas-based company specializing in skin and wound care products, announced its expansion with a new 131,760-square-foot industrial facility in Carrollton. The new facility, located at 1540 Luna Road, will serve as a warehouse and distribution center, and the company’s existing location at 2055 Luna Road will be dedicated to manufacturing and development. The addition of the new space, 0.3 miles from the company’s headquarters, nearly doubles its current manufacturing and distribution space and triples its current storage area. “Swiss-American has a long history in North Texas, specifically in Carrollton as we’ve been at our current location for more than 15 years, and we are excited to build even stronger roots in our community,” said Philip O’Neill, CEO of Swiss-American. “By consistently making smart investments over time, we are able to advance our capabilities in developing, manufacturing and distributing high-quality skin, sun and wound care products to customers around the globe.” With the additional distribution and warehouse space for finished goods storage and efficient distribution, the existing headquarters facility can accommodate expansion of laboratory services, new production lines and innovative equipment. Swiss American CDMO produces advanced skin and wound care products critical to the healthcare supply chain, and the expansion will help advance new discoveries and technologies.