DALLAS — KeyBank Real Estate Capital has provided a $55.2 million loan for the acquisition of a portfolio of 10 Class A industrial buildings in four metro Dallas industrial parks. The 1.5 million-square-foot portfolio, which is 97 percent occupied, includes 39 tenants. Financing was structured as a non-recourse, fixed-rate balance sheet first mortgage and placed with a third party investor.
Industrial
PLANO, TEXAS — The Dallas-Fort Worth office of Colliers International assisted a group of tenant-in-common (TIC) owners, represented by First Guardian Group, with the sale of a three-building industrial portfolio in Plano. Cobalt Capital Partners bought the property. Two of the buildings are located at 3301 and 3501 E. Plano Pkwy., while the other building is located at 1100 Klein Road. The properties together are known as Plano Tech Center and total 257,864 square feet of office and warehouse space. Lizzy Blake and the capital markets team at Colliers worked on the transaction.
DALLAS — CBRE has brokered the sale of the DB Schenker logistics campus on behalf of an undisclosed seller. An anonymous buyer purchased the 202,140-square-foot, two-building complex. It is 100 percent leased to DB Schenker, a wholly owned subsidiary of Deutsche Bahn AG. The tenant has five years remaining on its lease. The campus was built in 2008 with a clear height of 30 feet. The campus is located in the DFW Airport submarket and is on a ground lease expiring in 2048. The location provides access to the metroplex via Highway 635 and State Highways 121 and 114.
TUSTIN, CALIF. — CapRock Partners LLC has acquired a 110,000-square-foot, high-image industrial/R&D building in Tustin for an undisclosed sum. The building includes a second story, which features 10,000 square feet of office space. The asset is located at 14191 Myford Road. It resides within the Jamboree/5 Freeway and 261 Toll Road corridor, near Tustin Legacy and Tustin Marketplace. The building is home to one tenant, which occupies 40 percent of the space. The remaining 69,000 square feet will be converted into creative office space. CapRock will invest more than $1 million in this conversion to create a modern, open office layout. The funds will also be used for additional improvements, including collaborative outdoor work areas and outdoor entertainment amenities. Improvements are scheduled to commence this fall. The building recently underwent additional renovations, including the installation of a new façade with an expansive glass curtain wall, resurfaced entry parking lot, attractive landscaping and a seismic retrofit. The transaction was executed by Scott Read of Newmark Knight Grubb Frank. Read will also lead CapRock’s marketing efforts.
DALLAS — Agellan Commercial REIT has completed the sale of 5800 W. Kiest Blvd. in Dallas to a third-party purchaser. The property, Kiest Distribution Center, is a single-tenant building containing 343,617 square feet. It is 100 percent leased to RSI Home Products Manufacturing Inc. with 2.8 years left on the lease. The sales price was $11.6 million before closing costs, representing an in-place capitalization rate of 7.4 percent. The sales price is an increase of $1.6 million, or 16 percent, from the price paid by the REIT when it bought the property in January 2013.
REDLANDS, CALIF. – Amazon has announced it will open a fifth California fulfillment center in Redlands. The 704,115-square-foot facility will join existing California fulfillment centers in San Bernardino, Moreno Valley, Patterson and Tracy. Once complete, the online retailer will have expanded its presence in California to 2 million square feet. “We are proud to be hiring for more than 2,500 full-time jobs in California that offer wages 30 percent higher than traditional retail stores and include comprehensive benefits on day one, bonuses and stock awards,” says Mike Roth, Amazon’s vice president of North America operations. “We have found great talent in the state and we’re excited to be growing quickly to serve our customers.” The new center will be used to pick, pack and ship large items, such as big-screen televisions and kayaks. The landlord, Clarion Partners, was represented by JLL’s Ruben Goodsell, Peter McWilliams, Mike McCrary and Nicole Welch. Trammell Crow Company will manage the construction.
NAPA, CALIF. — Lowenberg Corp. has acquired Napa Valley Crossroads, a 313,812-square-foot industrial property in Napa for an undisclosed sum. The two-building property is located at 21 and 37 Executive Way. It is situated near the intersection of highways 12 and 29, about seven miles west of I-80. Napa Valley Crossroads was built in two phases that commenced in 2005 and 2008. The facility caters to the Napa Valley wine industry. Notable tenants at the facility include Collotype Labels and Sutter Home Winery. Both leases were negotiated by Glen Dowling of Cushman & Wakefield. Dowling also represented both Lowenberg and the seller, Live Oak Equities LLC, in the sales transaction. He worked in conjunction with Chris Neeb and Matt Bracco of the same firm.
AUSTIN — Texas American Resources LLC has sold its south Texas properties to an undisclosed buyer for $135 million. The sale includes the company’s existing production, reserves and Eagle Ford and Austin Chalk oil development opportunities on its 55,000 acres of leasehold in Dimmit, Frio, La Salle and Zavala counties. The company plans to use the proceeds from the sale to repay debt, flow back equity to its partners and accelerate development on its Texas Panhandle assets.
SEABROOK AND LA PORTE, TEXAS — JLL has announced the development of an industrial facility for third-party logistics firm Gulf Winds International and a lease expansion at a separate facility for a combined 543,000 square feet. Jeff Venghaus and Ryan Fusellier represented Gulf Winds in both leases. The deals include a new 10-year lease in a 243,000-square-foot build-to-suit on 12 acres in Seabrook, Texas. The facility is slated for delivery at the end of 2014. The other deal is a lease expansion of 300,000 square feet 10 miles away at 359 Old Underwood Road in La Porte, Texas. With the development of the new 243,000-square-foot facility, Gulf Winds will have 460,000 total square feet adjacent to the Bayport Terminal.
DALLAS — Trammell Crow Co., along with partners Clarion Partners and Rosewood Property Co., have acquired a 97-acre site in the Southern Dallas industrial submarket. The project will feature two Class A speculative industrial developments comprising more than 700,000 square feet. The project is expected to be completed in the second quarter of 2015. The site is located at the northwest corner of I-20 and I-45, with direct access to the I-20 frontage road. The first building will total 201,600 square feet, while the second building will span 500,000 square feet. Scott Krikorian, Robert Brandt, Jake Marks and Raymond Kieffer of Trammell Crow will lead the development team. Kacy Jones and John Hendricks of CBRE’s Dallas office will handle leasing.