Solo Cup/Dart Container Closes Largest Industrial Sale in Texas

Binswanger represented Eliken Property Management in the disposition of 2200 South Business 45, a 1.5 million-square-foot distribution center in metro Dallas.

2200 South Business 45 in Corsicana, Texas
2200 South Business 45 in Corsicana, Texas

Solo Cup/Dart Container has acquired 2200 South Business 45, an approximately 1.5 million-square-foot distribution center in Corsicana, Texas, from Eliken Property Management.

Holmes Davis, Binswanger’s senior vice president in Dallas, represented the seller in the transaction.

“Our firm’s goal is to create real value in property and places,” Eli Zami, Eliken’s director of acquisitions, said in a prepared release. “Eliken is a growing company, laser-focused on buying value and creating value for its investors. We see beyond the sale.”

The property sits on 139 acres and is the former Home Depot distribution center. It contains 13,248 square feet of modern air-conditioned office space, and offers lighted parking for 560 cars and 1,130 trailers. The site also has rail access served by Union Pacific on the property’s northwest boundary.

The industrial building is located on Business Highway 45 South, just minutes to I-45 and State Highway 31, which provides direct access to Dallas/Fort Worth and the Dallas/Fort Worth International Airport.

Eliken Property Management’s portfolio now contains more than 3.5 million square feet across the Midwest and Southeast. According to Zami, the firm is looking to expand its presence in Texas and Arkansas, as well as other target markets.

Dallas’ industrial market

Corsicana is less than an hour from Dallas, and that industrial market saw strong interest in 2017, with JLL reporting that 26.4 million square feet of space was leased. In the fourth quarter, absorption in Dallas ranked as the highest in the nation.

There is great demand in the area for industrial spaces smaller than 100,000 square feet, causing rates for these sized properties to reach $5.75 per square foot.

Last week, Binswanger represented Calare Properties in the acquisition of a 915,000-square-foot, mixed-use R&D and office complex in Wallingford, Conn. from Bristol-Myers Squibb Co. In November, the company facilitated the sale of a single-story, 136,296-square-foot industrial facility in Kinston, N.C. 

Image courtesy of Binswanger