Cohen Asset Management Acquires Amazon Distribution Center
- Mar 29, 2021
Cohen Asset Management has acquired a 322,824-square-foot logistics facility in Grand Prairie, Texas. Nuveen Real Estate is the seller of the property, which is fully leased to Amazon.
According to CommercialEdge data, the building last traded in 2019, when Nuveen Real Estate acquired the asset in a portfolio transaction. The sale was subject to a $180 million loan, secured by U.S. Bank. In December 2020, Nuveen also sold Cohen a 376,760-square-foot facility in Phoenix known as Cactus Distribution Center II.
Built in 1977, the Grand Prairie building features 115- to 330-foot truck courts, climate control and 62 parking spaces.
Located at 1102 State Highway 161, on approximately 16 acres, the property is within 14 miles of downtown Dallas. The location provides easy access to interstates 20 and 30, while DFW International Airport is 12 miles from the asset. The building is also within 13 miles from a 250,000 square-foot urban industrial redevelopment. Completion is anticipated later this fall.
Dallas-Fort Worth continues to be one of the most active industrial markets in the country. According to CommercialEdge data, the metro’s pipeline encompassed approximately 23 million square feet at the end of January. This month, VanTrust Real Estate announced the development of Forney Distribution Center, a 621,874-square-foot speculative industrial facility in East Dallas. Construction will start this April, with completion scheduled for May of next year.