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8000 Bent Branch Drive, Irving, TX 75063
TIC Royal Tech Center, LP (I-IV) currently serves as the corporate headquarters
for Michaels Stores, Inc. (NYSE: MIK) located at 8000 Bent Branch Dr. and 2910
West Bent Branch Dr. (contiguous properties) in the Los Colinas sub-market of
the Dallas Metroplex.
Originally developed as a build-to-suit for IBM in 1984 and 1985, this campus
style property has officially become the worldwide headquarters for the nation’s
largest arts and crafts retailer. Michaels currently operates 845 outlets under
the Michaels brand, 165 under Aaron Brothers, 8 ReCollections, and 3 Star Wholesale
outlets.
The property consists of 216,772 rentable square feet, fully occupied by Michaels
Stores, Inc. on a new 10-year lease through March 31, 2015. Michaels also has
two (2) five (5) year renewal options with 12-months notice at 100% of the prevailing
market conditions. Built specifically for the technological needs of former tenant
IBM, this property offers Michaels “more” in the way of redundant operations and
cooling that a business of its nature would require. These redundancies will allow
this property to regularly “swap” cooling and electrical conduits thus alleviating
much of the general wear and tear properties without these redundancies might
have, ultimately expanding the expectant life of many of the systems.
• Built - 1984 & 1985
• Class “B” Property
• 4,2-Story Buildings
• 216,772 Total Gross Rentable SF
• Located on 13 Acres
• Steel, Metal, Concrete
• 4 : 1000 Parking Ratio
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