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.
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