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Rreef Marches 1M-SF Plus Portfolio to Market

FORT WORTH-One of Rreef's separate accounts decides to churn its portfolio, parading 1.34 million sf of fully leased industrial space before institutional buyers.

By Connie Gore | Updated on April 22, 2008

FORT WORTH-In a portfolio churning for a separate account, Rreef Real Estate is parading a 1.34-million-sf, fully leased industrial portfolio to institutional buyers. Based on market dynamics, a comparable eight-building package would be valued at roughly $68 million.

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.

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