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DALLAS—Due in part to the strength of the Dallas industrial market, access to transportation nodes and solid credit tenants, a three-property portfolio and a separate distribution facility sold recently to Western region-focused buyers. The portfolio sale consisted of two warehouse/distribution facilities and a suburban office building close to Dallas-Fort Worth International Airport in Coppell, TX.
The portfolio totals 578,400 square feet and consists of two institutional-quality distribution properties and one office building within one mile of each other. 500 Airline Dr. is a 409,600-square-foot distribution warehouse, which is connected to 510 Airline Dr., a 53,600-square-foot two-story office building, via an elevated walkway. 217 Wrangler Dr. is a 115,200-square-foot warehouse/production facility. The buildings are all 100% leased, with more than 50% of the in-place income from A-rated credit tenants. There is the potential to add up to 102,400 square feet of additional warehouse space to 500 Airline Dr.
The buyer was Irvine, CA-based LBA Realty. The sale was executed on behalf of affiliates of Transpacific Development Company of Torrance, CA. John Huguenard, international director, and Dustin Volz led the JLL team handling the transaction.
“DFW is one of the strongest industrial markets in the country right now, and there was strong investor interest in this portfolio because of its scale, strong in-place cash flow, tenancy and location,” said Huguenard.
The regional manufacturing and distribution asset is located in South Dallas at 4949 Joseph Hardin Dr. It was acquired by Taylor Meyer of Polk Street Industrial, which is focused on the acquisition of class-B industrial properties in major western markets. The seller, Ron Hopton-Jones of Linron Properties, was represented by JLL's industrial capital markets team of Volz, Zane Marcell and Grant Matthews.
The property includes a 289,000-square-foot manufacturing facility with 10 acres of laydown yard and fully utilized rail access plus an additional 24 acres of land contiguous to the leased facility and yard.
“4949 Joseph Hardin is an extraordinary manufacturing facility in an in-fill submarket that will allow ownership to grow with the tenant's needs,” said Marcell. “The region's strong fundamentals and its accessibility to several major interstate systems provide ownership a tremendous opportunity to capitalize on the region's continued growth and diverse employee base.”
The property is centrally located 15 minutes away from downtown, less than 5 minutes from Interstate 20, Interstate 30 and Interstate 35, and less than 20 minutes from the Union Pacific Intermodal Terminal in Hutchins, TX.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
