We’re leading this week’s #WarehouseWednesday with a couple of big developments in the sector, followed by deets on a portfolio sale and a notable lease.
➤ Austin-based Greystar is planning to build a five-building warehouse complex at 9201 FM 812, near Austin-Bergstrom International Airport. The collective cost totals over $43 million, and the buildings are expected to be completed by late 2024, with construction beginning in April. Each piece of the project, called Pilot Knob, consists of a one-story tilt-wall dark shell warehouse meant to accommodate future office and bulk storage space.
➤ Leon Capital Group is planning to build a 187,000-square-foot warehouse at 3900 Tarrant Main in the DFW suburb of Euless, for about $15.5 million, or almost $83 a foot. Leon Capital also plans a 180,0000-square-foot spec project in another Dallas suburb, Forney, costing about $18.4 million, or about $102 a foot.
➤ A five-property warehouse portfolio in Dallas and nearby suburbs changed hands recently.
California-based Shopoff Realty Investments bought the Class B “Shallow Bay” portfolio, totalling 689,500 square feet, from Dallas-based CanTex Capital.
Financial terms of the transaction were not disclosed, but the portfolio includes a mix of single- and multi-tenant warehouses, ranging from 19,000 to 184,000 square feet.
The properties:
- 11221 Pagemill Road, Dallas
- 11333 Pagemill Road, Dallas
- 2917 Oakland St., Garland
- 1515 Big Town Blvd., Mesquite
- 3914-3920 U.S. Hwy 80, Mesquite
All are 100 percent leased to six tenants, including ADCO Industries, Hill & Smith and ProLift Rigging Company.
➤ A 41,000-square-foot distribution center in the Dallas suburb of Garland is now fully leased to two industrial tenants.
BKS Industrial Coatings leased more than 26,000 square feet at 3790 Miller Park Drive from New Jersey-based Faropoint.
Houston-based brokerage firm Finial Group helped negotiate the five-year lease. With Garland-based Red Nail Design taking the remaining space, the property is fully leased.
The financial terms weren’t disclosed.
Read more
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