The San Francisco-based Rreef bought the 1980s-era office/warehouses four years ago for one of its managed accounts. Five buildings, totaling 887,703 sf, are located in CentrePort Business Park in Fort Worth near Dallas/Fort Worth International Airport and three office/warehouses are situated in Valwood Industrial Park in Carrollton. "They're very good submarkets and they're very good assets with no obsolescence," says Cary Krier, senior vice president for Jones Lang LaSalle in Dallas. The call for offers is May 8.
Texas, particularly Dallas/Fort Worth, has made strong gains in the Feds' eyes and investors nationwide for all product types, particularly core real estate. Krier tells GlobeSt.com that the eight buildings are banking rents from $3.25 per sf to $5.11 per sf. As for the 14 tenants, he says existing leases don't start to roll until late 2009 and are staggered through yearend 2013. Tenants include AMR, an American Airlines parts and accounting distribution operation, Home Depot and Siemens AG.
The offering, hitting the streets in the past week, has garnered strong interest from the institutional crowd, according to Krier. He says he's not expecting any private capital bids to be placed for the portfolio, of which nearly 60% is distribution space and the balance is production and light-assembly.
Krier says it's "unlikely" that the package will be split, although the two parks are in different parts of the metroplex. "They want to sell it as a package," he says. "And, we're delivering it free and clear." The JLL team includes managing directors Jack Crews and Evan Stone, and senior associate Seth Bame.
The CentrePort component is made up of the 269,388-sf Fleetwood distribution center at 4100 Fleetwood Rd., 238,922-sf Empire distribution center at 4200 Empire Rd.; 101,491-sf CentrePort 2 at 4201 Diplomacy Rd., 65,814-sf CentrePort 18 at 4395 Diplomacy Rd. and 212,088-sf CentrePort 28 at 14801 Sovereign Rd.
In Valwood, Rreef is selling the 199,868-sf Valwood 25 at 13755 Diplomat Dr., 131,840-sf Valwood 3 at 1270 Champion Circle and 122,426-sf Valwood 18 at 13801 Diplomat Dr. Rreef is one of the largest property owners in the North Dallas park.
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