ML Realty Buys 460 KSF Suburban Dallas Industrial Portfolio
- May 28, 2013
ML Realty Partners L.L.C. has increased its presence in metropolitan Dallas by nearly half-a-million square feet with the acquisition of a group of distribution buildings at Park West Commerce Center in Coppell, Texas. The industrial real estate investor acquired the five-building, Class A portfolio for an undisclosed amount.
Sited approximately 5 miles from the Dallas/Fort Worth International Airport and less than 20 miles from downtown Dallas, Park West is a prominent industrial destination in the Dallas/Fort Worth submarket, where demand continues to rise as users snap up more and more space. Net absorption in Dallas totaled nearly 1.7 million square feet in the first quarter of the year, according to a report by commercial real estate services firm Transwestern.
And the area is on track to grow hotter. “We expect the Dallas/Fort Worth overall industrial vacancy rate to fall below 9.0 percent over the next 12 months, as steady demand, fueled by increased consumer spending nationally, continues to outpace the limited pipeline of new supply,” per the report.
ML Realty, which already has assets in the South Fort Worth and Northwest Dallas submarkets, is keeping an eye on additional opportunities in the Dallas/Fort Worth. As Michael W. Luecht, president & CEO of ML Realty, said in a prepared statement, “…we will continue to expand our presence in the marketplace during the next few years.”