JLL Capital Markets announced today that it has closed the sale of a five-property Class B shallow bay portfolio totaling 689,497 square feet in East Dallas, Texas.
JLL represented the seller, CanTex Capital, in the sale.
“We are proud to have completed this sale and outperformed investment expectations for our partners. We look forward to continuing to aggressively acquire, redevelop and reposition industrial assets throughout the Dallas/Fort Worth market,” said Romit Cheema, CEO of CanTex Capital.
The portfolio offers a mix of single- and multi-tenant warehouses ranging in suite sizes from 19,000 square feet to 184,000 square feet. Currently, the portfolio is 100% occupied by six tenants across a wide range of industries, including ADCO Industries, Hill & Smith, Inc. and ProLift Rigging Company. The buildings offer varying loading types, 18- 30-foot clear heights, up to 34 dock-high doors and ample parking.
The properties are located at:
- 11221 Pagemill Road, Dallas, TX
- 11333 Pagemill Road, Dallas, TX
- 2917 Oakland St., Garland, TX
- 1515 Big Town Blvd., Mesquite, TX
- 3914-3920 U.S. Hwy 80, Mesquite, TX
The properties are positioned on a total of 47.40 acres at infill locations with significant barriers to entry and immediate connectivity to Dallas-Fort Worth’s primary commercial and residential hubs, transportation arteries and major infrastructure. Additionally, shallow bay product consistently outperforms bulk industrial in the Dallas-Fort Worth metroplex, with average occupancy in the mid-to-high 90s and 6.4% average annual rent growth.
The JLL Capital Markets Investment Sales Advisory team representing the seller was led by Senior Managing Directors Stephen Bailey and Dustin Volz, Directors Dom Espinosa and Zach Riebe and Analyst Pauli Kerr.