1000Bulbs.com engaged Stream Realty Partners as their exclusive agent to assist in locating, negotiating and securing a warehouse that would serve as their main distribution center.
1000Bulbs.com is headquartered in Garland, TX in an 84,000 SF facility which at the time of the search was their only location and served as their office and distribution building. 1000Bulbs.com was considering two scenarios:
1) Outsource distribution to a 3PL, or;
2) Lease a warehouse and distribute its products themselves.
The company preferred to ship product themselves to ensure timely delivery and accuracy. However, the 3PLs were competitively priced and potentially more cost effective. The biggest challenge was to locate a viable option close to the headquarters which made economic sense for 1000Bubs.com to handle its own distribution of product.
Stream entered the market looking for 115,000 SF – 150,000 SF Class A options and supplied 1000Bulbs.com with an in-depth survey of available buildings within the Garland area. There were only three options for 1000Bulbs.com to consider so it was imperative for Stream to create the necessary leverage in order to secure the best overall deal structure for the tenant.
Additionally, 1000Bulbs.com is a rapidly growing company, so it was critical they understood the growth opportunities with each potential landlord. Stream provided detailed information regarding each owner, their local portfolio and their overall reputation within the marketplace.
Within ninety days Stream executed the complete search, negotiation and execution of a lease with Duke Realty at 3200 Kingsley in Garland, TX. Duke Realty is one of the largest industrial landlords in the city so 1000Bulbs.com found value in potential growth opportunities.
1000Bulbs.com secured a 131,950 SF cross-dock, 32’ CH facility within 1.2 miles of its headquarters that will serve as their primary distribution center.
Stream created the necessary leverage for 1000Bulbs.com to secure a deal with Duke that yielded a 21% discount to alternative options. 1000Bulbs.com elected to keep distribution in-house instead of outsourcing to a 3PL, which was the preferred option in order to provide a high level of customer service.