TA Associates, Principal Close 705,209-SF Deal

CARROLLTON, TX-Boston-based TA Associates Inc. has scooped up 705,209 sf of contiguous class A industrial space in Valwood North Business Park, sealing the deal with an all-cash close with Principal Financial Group. Comparable space in the metro is pushing toward $60 per sf in best and finals.

The seven buildings, developed between 1987 and 2007, are 88% leased. The 40.65-acre package came with an extra 7.15 acres of entitled development land.

Des Moines, IA-based Principal’s portfolio, with its call in late February, drew about 15 offers, mostly from the institutional circle, according to Jack Fraker, vice chairman of CB Richard Ellis’ top-ranked investment sales team. “Dallas remains one of the top markets in the country for institutional investors,” he says. “They are buying properties at very favorable per sf prices compared to other parts of the country and with tangible rental rate growth.”