DALLAS — Cushman & Wakefield has arranged the sale of a national portfolio of seven industrial buildings totaling 1.6 million square feet. The buildings are located across Texas, California, Utah and Tennessee.
An unnamed institutional owner purchased the portfolio. The seller and sales price were not also not disclosed.
Properties in the recently acquired industrial portfolio include Valwood A (201,354 square feet), Valwood C (134,266 square feet) and Valwood D (127,620 square feet) in Carrollton, Texas (part of the Dallas MSA); Chino Distribution Center (409,930 square feet) in Chino, Calif.; Salt Lake Distribution Center I (190,000 square feet) and Salt Lake Distribution Center II (190,000 square feet) in Salt Lake City; and Elam Farms Distribution Center II (363,500 square feet) in Murfreesboro, Tenn.
The buildings were constructed in the mid-2000s and were collectively 97 percent leased at the time of sale to a mix of national and regional tenants. The properties feature ESFR fire sprinkler systems, average clear heights of 30 feet, expansive truck courts, concrete tilt-up construction and ample parking.
The national industrial advisory group at Cushman & Wakefield that arranged the sale consisted of Jim Carpenter, Adam Pastor, Robby Rieke, Emily Brandt, Jeff Chiate and Casey Masters.
“This transaction vividly illustrates the strength of the market for large portfolios of high-quality real estate,” says Carpenter, who holds the title of vice chair at Cushman & Wakefield. “Working in partnership with the team, we curated an exceptional portfolio that perfectly fit the needs of premiere institutional investors, resulting in strong bidding activity and exceptional pricing.”
— Abby Cox