Fritz Industries Trades 1 MSF Dallas-Area Facility
- Jan 19, 2021
Fritz Industries has sold a 1 million-square-foot industrial facility in Greenville, Texas, to EPM Partners. Binswanger Commercial Real Estate Services brokered the transaction. Cary Pollack and Judah Neuman from Meridian Capital Group secured acquisition financing from Cerco Funding. According to public records, the loan amounted to $19.7 million. This month, Meridian also arranged a $60 million loan for the refinancing of a 175,000-square-foot office building in New York City.
Built in 1979, the Greenville property comprises 626,682 square feet of warehouse and 418,482 square feet of manufacturing space. The asset includes 11 cranes, clear heights that range from 33 to 45 feet, 85 dock and five drive-in doors, as well as 594 parking spaces and 500 trailer storage spots. According to CommercialEdge, Fritz is currently leasing space at the property. The facility has approximately 600,000 square feet of available space.
Located at 7121 Shelby Ave. on roughly 94 acres, the facility is within 4 miles of Interstate 30. Downtown Dallas is 50 miles from the asset.
Binswanger’s Senior Vice President & Partner J. Holmes Davis brokered the deal. This month, the company also represented the buyer of a 452,323-square-foot industrial building in Lansdale, Pa. The asset traded for $19.5 million.
A booming market
The Metroplex’s industrial market continued to grow in the fourth quarter of 2020. Developers added 9 million square feet of new product, with a total of 31.9 million being delivered last year, according to a recent Cushman & Wakefield report. The Alliance and Mesquite submarkets recorded the highest levels of completions, with 2.6 and 1.7 million delivered in the fourth quarter, respectively.
Meanwhile, the DFW Airport area recorded 1.1 million square feet of completed product in 2020. Recently, licensed apparel manufacturer Bioworld Merchandising signed a 123,844-square-foot lease at a newly built property in Irving, Texas. The building is located in the immediate vicinity of the DFW International Airport.