DALLAS—Service sector activity in Texas improved in December, according to the Dallas Fed's Texas service sector outlook survey. Business executives reported strengthening revenue and business activity, and the index of future business activity (looking six months ahead) leaping to an all-time high. Investment sales activity at year-end totaled slightly more than 22.2 million square feet. This is a 37.4% decrease year-over-year compared to the 35.5 million sold by the end of 2015, GlobeSt.com learns.
An additional large asset acquisition indicates this year may be on a similar trajectory as last year. DRA Advisors LLC recently acquired a 19.8 million-square-foot industrial portfolio on behalf of its funds from Boston-based private equity real estate firm, Cabot Properties Inc.
The $1.07 billion portfolio is geographically diversified across 21 markets throughout the United States, including major industrial hubs such as Dallas-Fort Worth, Chicago, Columbus, Houston and Atlanta. With 24 buildings totaling 2.7 million square feet, Dallas-Fort Worth represented the largest concentration of assets in the portfolio (13.5%). Its 184 properties are 95% leased to more than 500 tenants.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
