Cohen Asset Management just added another industrial asset to its Texas portfolio.
The Los Angeles-based investor has more than 7 million square feet currently under management in Texas, according to the Dallas Morning News. Its latest purchase is Sunridge II, a new distribution hub in Wilmer. The near 700,000-square-foot industrial building at 1700 North Goode Road in Sunridge Business Park is near Interstate 45 and Union Pacific’s intermodal freight terminal. The business park’s tenants include Unilever, Osborn-Hessey, Sprouts, Ace Hardware and Medline, occupying over 2.6 million square feet of space.
The property was sold by its developer, Scannell Properties, which completed construction earlier this year. The building is so new that the Google StreetView of 1700 North Goode Road still shows an open field.
CBRE Group handled the sale. CBRE exec Jonathan Bryan boasted that the building was “100 percent leased to a single tenant with over 10 years of lease term remaining.” Said tenant was not named by CBRE and there is no business registered at 1700 North Goode Road. The industrial building’s listing on PropertyShark — which has been updated to show the property as sold — has Sunridge II marked down as vacant.
Sunridge II is Cohen’s second Texas warehouse purchase since October, when it picked up the new HWY 114 Distribution Center, a 568,600-square-foot facility in Roanoke.
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