Fort Capital Continues Acquisition Conquest
With this addition, Fort Capital has acquired more than 2.5 million square feet of industrial assets within two years with a goal to acquire an additional 5 million square feet of industrial assets by third quarter 2021.
ARLINGTON, TX—Fort Worth-based real estate investment firm, Fort Capital, has recently acquired a class-B industrial portfolio consisting of 10 light industrial buildings totaling 455,331 square feet. Located in the highly coveted Great Southwest submarket, this portfolio is just 0.3 miles south of Interstate 30 between Highway 360 and President George Bush Turnpike, just minutes south of Dallas/Fort Worth International Airport.
This portfolio is also situated on 22.5 acres, 20 of which are contiguous, offering good optionality and long-term upside when coupled with the growth of the surrounding area. The firm plans to incorporate numerous upgrades within the portfolio.
“The physical improvements that are planned include updating interior finish outs based on tenant needs, improving parking lot/motor courts based on tenant needs, exterior cleanup, including landscape and fence improvements, and refreshing monument signage,” Steve Bailey, director of construction at Fort Capital, tells GlobeSt.com.
With this addition, Fort Capital has acquired more than 2.5 million square feet of industrial assets within two years, establishing itself as an aggressive acquisitions player in the space. The company has a goal to acquire an additional 5 million square feet of industrial assets by third quarter 2021.
“This investment offered Fort Capital the opportunity to acquire an institutional-quality portfolio at an attractive basis in a proven high-growth core infill location. We plan to add value through expert leasing, excellent management and physical improvements throughout,” said Hunter Harrison, vice president of Investments. “This portfolio was presented to us off-market, and we look forward to doing more deals like this one in the future. We have all hands on deck to reach our acquisitions goals and grow our pipeline throughout the state of Texas and beyond.”
Dallas-Fort Worth’s industrial sector continued to exhibit strong market fundamentals through the third quarter of 2019. Vacancy rates fell slightly to 6.7% for the market, with demand continuing to outpace supply, according to statistics from Cushman & Wakefield. Net absorption for the third quarter of 2019 totaled 5.7 million square feet, bringing year-to-date net absorption to 17.7 million square feet, according to the report.