Off-Market Deals Box 720,000 SF in Alliance

FORT WORTH-In back-to-back, off-market deals, a Southern California investment group has scooped up a two-building, 720,000-sf package in AllianceTexas. Records show it’s same seller using separate partnerships and closings to hand off the fully leased, class A distribution centers.

Transpacific Development Co. of Torrance, CA, bumping its North Texas portfolio to 1.65 million sf, has added a 400,000-sf distribution center at 4801 Westport Pkwy. and 320,000-sf one at 13501 Independence Pkwy. The adjacent properties, sold by affiliates of Magoon Estate Ltd. of Honolulu, are leased to Alpharetta, GA-based UPS Supply Chain Solutions Inc., with the larger one subleased to Schaumburg, IL-headquartered Motorola Inc. If local sources have it right, the leases have less than five years before they expire.

Sources also say the Alliance Gateway assets were marketed as a package two years ago. Due to the nature of the deal, the final prices aren’t readily available, but the best-guess from those in the know is they brought more than the standard rate of $40 per sf for industrial sales. The six-year-old Westport building sits on 24.4 acres, with a Tarrant County assessment of $13.98 million. The Independence Parkway property, developed in 1999, takes in 18.3 acres, with a $10.9-million assessment. Atlanta-based IDI Inc. developed both structures.