"This portfolio offers immediate upside potential," says Jack Fraker, an executive vice president in Dallas for CB Richard Ellis Inc. "This is a very good replacement cost play." The CBRE sales team includes senior vice president Randy Baird and first vice president John Robinson.
Still in its initial lease-up stage, Alamo Crossing Commerce Center is just 43% filled. CB Richard Ellis Strategic Partners developed the project, and Trammell Crow Co.'s Houston office took over leasing in late 2002.
Fraker tells GlobeSt.com that the there are not many buildings in the northwest submarket that can compete with Alamo Crossing's ability to handle large tenants. "It's a perfect time for an investor to buy assets with leasing opportunities," he says.
The northwest submarket is the city's largest, with 68 million sf, and its most active, according to Grubb & Ellis Co. So far this year, the northwest sector has absorbed 2.1 million sf and registered an 8.2% vacancy at the third-quarter close, according to Grubb & Ellis' research team.
Alamo Crossing's four buildings are situated on 51.9 acres at 7865, 7875, 7885 and 7909 Northcourt Rd. in close proximity to Interstate 10 and US Highway 290. The tilt-wall buildings were built between 2001 and 2002.
The portfolio contains a 644,848-sf bulk distribution facility, which is 39% leased to Ford Motor Co. Office/warehouse and distribution designs make up the balance of the package. A 123,809-sf building is 35% leased to Whirlpool Corp. while a 160,000-sf structure is 94% leased to Discount Tire, Central Hardwoods, Bent Tree Designs and JFC/Kikkomen. The third is an empty 119,140-sf building. The offer deadline is Thursday.
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