California investor takes D-FW industrial properties
CALIFORNIA – A California investor has purchased more than a dozen North Texas industrial buildings. Fort Worth-based Fort Capital sold the Dallas-Fort Worth industrial buildings totaling 606,889 square feet.
Commercial property firm JLL marketed the buildings, which are in Addison, Dallas, Irving, Haltom City and Fort Worth.
“Currently 94% leased, the portfolio consists of high-performing assets that present investors with the rare opportunity to find scale within one of the most robust industrial markets in the country,” JLL said.
The properties sold to a company represented by Birtcher Anderson Realty of San Juan Capistrano, Calif., county deed records show.
The purchase was financed with a US$35.45 million loan from MetLife Commercial Mortgage.
Birtcher Anderson Realty is a more than 80-year-old company with offices in California, Arizona and Nevada. The real estate developer and investor owns office, industrial, retail and residential properties.
The big industrial building transaction is the second recent D-FW area sale by Fort Capital.
Fort Capital sold the former Navistar truck manufacturing plant at 4040 Forest Lane in Garland to a New Jersey investor.
“Texas continues to be a hot spot for industrial as proven by rental rates increasing even during a global pandemic,” Chris Powers, Fort Capital founder and CEO, said in a statement.
Source: Dallas News