DALLAS–HFF has closed the sale of a six-property, 16-building industrial portfolio totaling 462,618 square feet in the Richardson/Carrollton corridor.
HFF marketed the property on behalf of the seller, AEW Capital Management LP, who sold the property for one of its institutional clients. Red Tail Acquisitions (RTA) purchased the assets for an undisclosed amount.
The portfolio consists of 1360-1420 Presidential Drive and 850-890 North Dorothy Drive in Richardson, Texas and 1420 Halsey Way, 1406 Halsey Way, 2122 Country Club Drive and 2855 Trinity Square Drive in Carrollton.
Located in infill, established industrial submarkets, the properties are all near major transportation hubs, including Interstate 35 and I-635 and Highway 75. The properties are 87 percent leased overall to 41 tenants, including NOW Specialties Inc.; Optex Systems Inc.; Laboratory Corporations of America; SKH Beauty Inc.; All Sorts Mailing Services; Circuitco Electronics LLC; Advanced Environmental Concepts; Select Cabinet Co.; Milestone Construction; TraStar Inc.; and Gym Ratz Basketball Club LLC.
The HFF investment sales team representing the seller was led by senior managing director Randy Baird, managing director Jud Clements, director Robby Rieke and real estate analyst Justin Kundrak.
The buyer, RTA, is a value and core-plus investor that seeks office, industrial and retail properties that normally have leasing or construction issues. Over the last 25 years, the group has purchased more than 10 million square feet of commercial property in the western United States. Sean Miller, executive vice president, led the acquisitions team and Ryan Rubenkoenig, executive vice president, contributed to the deal.
“This acquisition not only represents an exciting opportunity for Red Tail Acquisitions to expand its DFW holdings, but is also a prime example of the types of investments we hope to make throughout Texas,” Miller said.
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