DALLAS—With a desirable location, footprint and strong credit tenant, a Dallas-area industrial property stood out from the crowd. The recent purchase of the 476,341-square-foot facility by Brennan Investment Group is valued in excess of $21 million and includes a long-term leaseback to the occupying tenant.
Situated on 21 acres, the class-A industrial property includes 38,760 square feet of office space and features 16 dock doors, T-5 lighting throughout, ESFR sprinkler system and ample parking. The facility is located within minutes of Interstate 35E and Interstate 20.
Newmark Knight Frank arranged the sale-leaseback on behalf of Brennan. NKF's senior managing director Corey Chase assisted Brennan Investment Group in its desire to expand its Texas portfolio with the selection and negotiation process. Chase ultimately helped Brennan Investment Group secure the property that was attractive due to location and favorable lease terms, including a new long-term agreement with the tenant. Jim Hazard and Brad Struck of E Smith Realty Partners represented the private owner in the transaction.
“The industrial market across the country is out of control; there is so much money out there,” Chase tells GlobeSt.com. “Indianapolis, Chicago, Michigan and Dallas are safe markets. The Dallas metro is booming, and further south, there is land for redevelopment. Brennan had a comfort level with the South Dallas submarket, one that's becoming stronger, and was comfortable with this type of product that had all of the elements beyond the typical distribution or manufacturing building.”
Brennan Investment Group, a Chicago-based private real estate investment firm, acquires, develops and operates industrial properties in select US metropolitan markets. Since its formation in 2010, the firm has amassed a portfolio of more than 24 million square feet of industrial property in 22 states.
“This asset is a great addition to Brennan's portfolio given the optimal location of the facility and the strength of the long-term tenant,” said Chase.
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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.
