WILMER, TX-CB Richard Ellis Realty Trust has acquired a 1.02-million-square-foot warehouse/distribution building for $40.78 million. The estimated acquisition cap rate for the property is 7.8%.
The property, located at 500 South Millers Rd. in this southern suburb of Dallas, is leased to Whirlpool Corp. though May 2021. It is situated in First Park DalPort, a 365-acre industrial park, adjacent to I-45, six miles from I-20 and a short distance from I-35. In addition, the site is located approximately one mile south of the Union Pacific intermodal terminal but also has direct rail access with a dedicated spur on-site.
“Whirlpool identified this site as ideal for its logistics program,” says Phil Kianka, chief operating officer for CBRE Realty Trust, a public non-traded REIT. Including the Whirlpool facility, the REIT owns more than 2 million square feet of industrial space in the Wilmer submarket, he adds.
Completed just last month, the facility was a build-to-suit for Whirlpool. Duke Realty Corp. developed the property and sold it to CBRE Realty Trust, which was instrumental in the development of the facility, Kianka says.
Kianka tells GlobeSt.com that the REIT identified Whirlpool as a tenant it would like to have in its portfolio, and when the appliance manufacturer indicated a desire to move forward with a build-to-suit facility, CBRE Realty Trust pulled together the development team to make it happen.
Gary Jaye and the acquisitions team from CBRE Investors represented the REIT in the transaction.
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