Kraft Heinz Inks 261 KSF Lease in Garland, TX
- Jun 13, 2017
The Kraft Heinz Co. has signed a 261,000-square-foot lease at Logistics Pointe Distribution Center in Garland, Texas. The lease includes 90,000 square feet of cold-storage. The company will use the space within the 1.1 million-square-foot industrial facility for fulfillment and logistics. CBRE represented both the landlord and the tenant. Kevin Kelly negotiated the lease on behalf of Westmount Realty Co., while David Sours acted on behalf of Kraft Heinz.
Built originally as a large-scale grocery distribution center, the facility provides 70 dock-high loading doors and four grade-level doors. The property consists of approximately 300,000 square feet of freezer/cooler space, more than 605,000 square feet of dry warehouse and 192,000 square feet of free-standing warehouse. Located at 2600 McCree Road, the facility offers convenient access to Interstate 635.
“This year we have made significant improvements to the property, including increasing the building’s cold-storage capabilities,” Clifford Booth, president & CEO of Westmount, said in a prepared statement.
According to Yardi Matrix calculations, the property is valued at more than $34 million. Westmount acquired the three-building asset in 2012 from Angelo, Gordon & Co. The sale was subject to a four-year term $22.3 million loan, held by Bank of the Ozarks.
Earlier this year, Kraft Heinz Co. opened its expanded Kirksville, Mo., facility. The expansion will also deliver 200 new jobs and seven new production lines.
Image courtesy of Westmount Realty Capital