California Investor Scoops Up Grand Prairie Industrial Complex

Yet another Dallas-Fort Worth industrial property is changing hands.

Silicon Valley-based investor GPR Ventures has purchased DFW Corporate Park in Grand Prairie, the Dallas Morning News reported. The complex at 2100 State Highway 360 includes 22 industrial buildings with warehouse, office and showroom space.

In all, the park’s buildings span 211,000 square feet. It was built in 1981 and renovated in 2019, according to a marketing brochure. Space leased between $9 and $13.50 per square foot per year at the time of the brochure’s publication. The properties were around 85 percent occupied, with vacancies available in 11 of the buildings.

GPR owns properties across the west. Founded in 2011 by Glen Yonekura and Phillip Rolla, it focuses on value-add projects in industrial, multifamily and office sectors. Elsewhere in Texas, it owns three industrial properties in Midland.

Gantry, a commercial mortgage bank, arranged debt and equity funding. The sale price wasn’t disclosed, but the bank provided over $23 million in funding.

“The value-add nature of this acquisition, coupled with the current market’s rate volatility and subsequent pullback from banks and other traditional relationship lenders was challenging,” Gantry’s Braden Turnbull told the outlet.

Dealflow has slowed, as financing has become harder to come by, and many deals are getting across the finish line thanks to creative arrangements like deeds-in-lieu and seller financing.

Even as other commercial assets like multifamily have faced trouble across the Texas Triangle, industrial properties remain in demand. Nearly $3 billion worth of the properties were sold in the first quarter of the year alone.

Dallas-Fort Worth’s industrial supply increased significantly this year. The metroplex has the biggest industrial development pipeline in the country, with nearly 67 million square feet in the works at the start of 2023. Developers filed to build a handful of new industrial properties across DFW this week, including a 395,000-square-foot warehouse by Brennan Investment Group and a 220,000-square-foot project by Trammell Crow Company.