JLL Capital Markets closed the sale of and arranged acquisition financing for an eight-property, shallow bay industrial portfolio totaling 606,889 square feet within infill markets in the Dallas-Fort Worth metroplex area. Terms of the deal were not disclosed.
JLL worked on behalf of the seller, Fort Capital. Birtcher Anderson, in a joint venture with Belay Investment Group, purchased the portfolio. Additionally, JLL worked on behalf of the new owner to place the five-year, floating-rate acquisition loan.
The 95-percent-leased, multi-tenant portfolio includes Manana Business Park at 2526 Manana Drive in Dallas; Garden Brook Industrial at 3109, 3113 and 3300 Garden Brook in Farmers Branch, Texas; 4101 Lindberg in Addison, Texas; Luke Business Park at 1100-1220 Luke Street in Irving, Texas; Hickory Business Park at 1665 Hickory Drive in Haltom City, Texas and 1115 and 1101 NE 23rd Street and Suffolk Industrial Park at 2901, 2905, 2921 and 2951 Suffolk Drive in Fort Worth. All these properties are in premier infill locations in established industrial submarkets near major transportation arteries.
The JLL capital markets investment advisory team representing the seller was led by senior director Stephen Bailey, managing director Dustin Volz, senior director Zane Marcell and analysts Wesley Gilmer and Erin Lazarus. The JLL capital markets debt placement team representing the new owner included senior director Cullen Aderhold.
The DFW industrial market continues in 3Q 2020 to set its record run of growth as one of the top industrial markets in the country. JLL reports that strong fundamentals and ongoing demand for space in the DFW market will continue to push rents higher along with new speculative construction well into 2021.
