The latest deal is the 530,800-sf Coppell Business Center Phase II, a four-building mix of distribution warehouses and higher-end finish showroom space on 33.2 acres. The property is located near the intersection of Interstate 635 and Beltline Road.
"We've been very active recently because some interesting properties have come to market at very attractive prices," Timothy B. Keith, RREEF's vice president of acquisitions, told GlobeSt.com. And, he confides he has two more DFW properties under contract in RREEF's purchase pipeline, with closings expected in a week.
Keith says it's the lure of the developing Dallas-Ft. Worth International Airport that is piquing RREEF's strong interest in regional acquisitions. "Buying the right building in submarkets around the airport is important to us," he says. The Coppell Business Center Phase II not only has the right location, but also is fully leased. "The location north of the airport and along Beltline Road will provide opportunity for strong long-term yield on the property," assesses Keith.
The two high-end showroom buildings front Beltline Road and are complemented by a large parking area. Two state-of-the-art distribution centers are positioned to the rear of the showrooms.
Lincoln Property Co. had developed the acreage in 1998 and represented the seller, Coppell Business Center II Ltd., in the transaction. In the past two weeks, RREEF also has closed on the purchase of an office structure in Richardson's Telecom Corridor.
RREEF manages $11.4 billion in pension fund real estate investments for more than 190 corporate, public and international clients. RREEF maintains 100 property management offices nationwide and acquisition offices in San Francisco, New York and Chicago.
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