Cushman & Wakefield has arranged the sale of Granite Point Business Center in Denton, Texas, in the Dallas-Fort Worth market.
Cushman & Wakefield’s Jim Carpenter, Jud Clements, Robby Rieke and Trevor Berry represented TA Realty LLC in its sale to High Street Logistics Properties.
Located at 2300 Interstate 35W Frontage Road in Denton, Granite Point Business Center totals 145,000 square feet and is fully leased to four tenants that have been in occupancy of the property for an average of 13.5 years. The Class A, rear-load distribution center is located in the Far North/I-35 submarket, just south of the convergence of I-35W and I-35E in Denton and features I-35W visibility. Additionally, Texas DOT will be expanding the frontage roads in front of the property, resulting in direct ingress/egress with I-35W.
“A high-quality, very functional asset, well located within a rapidly growing sub-market and at a basis well below replacement cost attracts the most active buyers in the market,” said Clements, Cushman & Wakefield’s Executive Managing Director. “The asset is fully leased to a diverse group of quality tenants, which provides the opportunity to grow cash flow and capture near-term NOI growth by marking below-market rents to market.”
Granite Point Business Center was developed in 2006 and features 24’ clear heights, eight storefronts, 50×50 column spacing and 286 parking spots.
