CIP Real Estate Acquires Dallas Industrial Portfolio
- Jan 27, 2021
MoxieBridge has sold a three-building industrial portfolio in the Dallas-Fort Worth area to CIP Real Estate. JLL represented the seller and arranged a five-year, fixed-rate, non-recourse loan on behalf of the buyer. According to public records, Bank of Hope originated $25.2 million in acquisition financing.
Built between 2006 and 2009, the 168,600-square-foot portfolio features clear heights ranging from 20 to 22 feet, cross-dock configuration and trailer parking components. The properties were fully leased at the time of the deal. The tenant rosters include X-treme Detail, Texas Hose Pro, Rango Truck Repair and Blitz Express, among others, according to CommercialEdge.
The assets sit on a total of 35.3 acres and are located at:
- 1830 and 1840 High Prairie Road in Grand Prairie, within 7 miles of DFW International Airport
- 2202 Manana Drive in Dallas, within 10 miles of the metro’s downtown
- 5309 Superior Parkway in Fort Worth, within 3 miles of Fort Worth Meacham International Airport
The JLL team working on the deal included Senior Director Stephen Bailey, Managing Director Dustin Volz and Associate Adam Roossien. Director Jarrod McCabe and Executive Managing Director Kevin MacKenzie secured the financing. In December, Bailey and Volz also assisted the seller of Speedway Logistics Crossing, a Fort Worth industrial campus encompassing 798,246 square feet.
DFW Industrial Powers Through
Despite economic volatility brought by the COVID-19 pandemic, the Metroplex’s industrial market remains fairly stable, with rents actually going up. The average Dallas-Fort Worth industrial rate grew 4.3 percent year-over-year as of December 2020, to $4.49 per square foot, CommercialEdge data shows. Meanwhile, the vacancy rate stood at 4.3 percent, below the national average, while the metro’s pipeline encompassed more than 20 million square feet, the largest in the nation.
What’s more, Dallas-Fort Worth recorded roughly 3.4 million square feet of net absorption in the last quarter of 2020, continuing a positive streak of more than a decade, according to a recent Newmark report.