Faropoint is at it again in the Dallas-Fort Worth industrial market, this time acquiring seven warehouses in the region.
The portfolio includes the following properties:
- 1460 North Glenville Drive in Richardson, 121,000 square feet
- 1301 Ridgeview Drive in Lewisville, 102,000 square feet
- 2220 Chemsearch Boulevard in Irving ,116,000 square feet
- 1601 Valley View Lane in Farmers Branch, 192,000 square feet
- 631 South Royal Lane in Coppell, 51,000 square feet
- 1111 Northpoint Drive in Coppell, 127,000 square feet
- 2300 East Randol Mill Road in Arlington, 51,000 square feet
The seller was not disclosed, although appraisal district records show that at least two are owned by Boston-based Cabot Properties.
Financial terms of the deal were not disclosed. Collectively totaling nearly 760,000 square feet, the facilities are 100 percent leased and situated in infill locations in the DFW Airport, Valwood/North Stemmons, Brookhollow, Great Southwest and Richardson submarkets.
Jim Carpenter, Jud Clements, Robby Rieke, Taylor Starnes, Madeleine Supplee and Trevor Berry of Cushman & Wakefield represented the seller.
The deal comes on the cusp of the firm’s acquisition of six warehouse properties from private investors earlier this year.
The in-place rents for the buildings are currently 20 percent below the market average with a remaining lease term of about 4.6 years, so they are in a good position to capture near-term net operating income growth, said Jacob Rich, Faropoint senior vice president of Texas markets.
Faropoint, a tech-enabled real estate asset manager with headquarters in New Jersey and Tel Aviv, remains cautious in the face of record-high demand but retains a strong outlook for the last-mile industrial market as it continues to expand its ventures in Dallas and across Texas, Rich said.
“We look at Dallas/Fort Worth as being one of the largest-growing markets in the nation that has continued to show time and time again, demand and fundamentals,” he said.
“We’re not looking at this as we want to put ourselves on the bench because there’s maybe some short-term volatility, but really to find ways to buy in spite of that, and to take advantage of that.”
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