When Dallas-based Westmount Realty Capital purchased the Apex Tool Group building in Garland, it was able to get the tool maker to re-sign for a 20-year net lease for all 341,840 square feet of the building.
The company is a producer of hand, power and electric tools under brands such as Sears Craftsman, Kobalt, Crescent and others.
The long-term lease gave Westmount Realty the ability to spend $1.5 million in building improvements.
Keeping Apex in the building was important as it employs more than 900 people and operates 24 hours a day for six days of the week.
Labor costs, logistics, economic incentives and energy costs all played a role in the deal.
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