CIM Group Buys 1.1 MSF Fort Worth Industrial Asset
- May 29, 2020
CIM Group remains active in the pandemic-era investment market with the acquisition of Junction 20/35, a 1.1 million-square-foot industrial property in South Fort Worth, Texas. CIM purchased the warehouse-distribution center from Provender Partners for an undisclosed amount.
Previously known as Provender Logistics Center, Junction 20/35 occupies roughly 90 acres at 7550 Oak Grove Road within the Carter Industrial Park. The rail-served property opened as a purpose-built facility in 1989 and has since undergone a series of renovations to maintain a high quality. In addition to cold and dry storage, Junction 20/35 offers the potential for expansion through an adjacent 14.4-acre land parcel. Currently, the freezer/cooler segment of the facility is fully leased to McLane Co. Inc. through May 2029.
“Well-located warehouse distribution centers such as Junction 20/35, play a pivotal role in the transport of goods,” Terry Wachsner, a principal with CIM Group, told Commercial Property Executive. “With its dry and cold storage and its proximity to major highways, railways, and nearby airports, Junction 20/35 serves the needs of companies meeting demand for food distribution as well as other goods locally, regionally, or nationally.” According to Tarrant County records, Junction 20/35 has a 2020 appraised value of approximately $50.2 million.
Business as usual
CIM Group has continued to buy and build throughout the COVID-19 health crisis in the U.S., seemingly undiscouraged by the impact the pandemic-related shutdown orders have had on some properties. In late April, the company announced it had signed a purchase and sale agreement to acquire the 869,000-square-foot Baldwin Hills Crenshaw Plaza, a Los Angeles regional shopping mall that saw its Sears and Walmart anchors succumb to the retail apocalypse well before the coronavirus emerged. And in a sign of its faith in the office sector, CIM Group announced just one week ago that it plans to open the new 182,700-square-foot Fifth + Tillery creative office building in Austin, Texas, in July of this year.