The three-building office and industrial campus totals 170,000 square feet adjacent to Alliance.
FORT WORTH—Alliance continues its gravitational pull as investors go for trophy properties in the metro. A recent acquisition that fits that description is adjacent to AllianceTexas.
Macfarlan Capital Partners LP recently acquired a three-building office and industrial campus totaling 170,000 square feet fully leased to Galderma Laboratories on a long-term lease. The purchase price was undisclosed.
This campus serves as Galderma's headquarters and is located at 14501 North Freeway. Galderma's administrative office, conference space and in-house training facility is located on 4.61 acres adjacent to its US headquarters facility. The two-story built-to-suit office building houses 100 employees including its aesthetics and correctives group.
In addition, its research and development center expansion was completed in 2017 and added 100,000 square feet to its existing campus. The $22 million R&D, training and office building added some 350 new positions, increasing home office employees to more than 600.
"No major improvements are planned or needed as it's a beautiful campus and building," Morgan Stallings, chief of staff, Macfarlan tells GlobeSt.com. "The transaction is distinctive in terms of the quality of the tenant and Macfarlan's continued investment in Fort Worth. Galderma, most widely known for its Proactiv skincare brand, has only one other office in America, which is a data center, so this is an important building in North Texas sitting adjacent to Alliance."
The investment was secured by a loan with Veritex Community Bank and Macfarlan worked with JLL.
"We are excited to make this addition to our portfolio. The strong credit, attractive yield, outstanding real estate and off-market nature of this transaction created an excellent opportunity for our investors," said Mac Macfarlan, the firm's partner heading up acquisitions.
Dallas-based Macfarlan Capital Partners has a long history investing in single-tenant properties, having acquired more than 3.5 million square feet and more than $625 million in single-tenant net-leased investments during the firm's history.
Galderma is now the world's largest independent global dermatology company since it was acquired by Nestle in October. Galderma products treat major skin conditions such as acne, pigmentary disorders, rosacea and psoriasis.
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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.
