CanTex sells shallow bay industrial portfolio in East Dallas
JLL Capital Markets closed the sale of five industrial buildings totaling 689,497 square feet
DALLAS, Jan. 09, 2023 – JLL Capital Markets announced today that it has closed the sale of a five-property Class B shallow bay portfolio totaling 689,497 square feet in East Dallas, Texas.
JLL represented the seller, CanTex Capital, in the sale.
“We are proud to have completed this sale and outperformed investment expectations for our partners. We look forward to continuing to aggressively acquire, redevelop and reposition industrial assets throughout the Dallas/Fort Worth market,” said Romit Cheema, CEO of CanTex Capital.
The portfolio offers a mix of single- and multi-tenant warehouses ranging in suite sizes from 19,000 square feet to 184,000 square feet. Currently, the portfolio is 100% occupied by six tenants across a wide range of industries, including ADCO Industries, Hill & Smith, Inc. and ProLift Rigging Company. The buildings offer varying loading types, 18’-30’ clear heights, up to 34 dock-high doors and ample parking.
The properties are located at:
- 11221 Pagemill Road, Dallas
- 11333 Pagemill Road, Dallas
- 2917 Oakland St., Garland
- 1515 Big Town Blvd., Mesquite
- 3914-3920 U.S. Hwy 80, Mesquite
The properties are positioned on a total of 47.40 acres at infill locations with significant barriers to entry and immediate connectivity to Dallas-Fort Worth’s primary commercial and residential hubs, transportation arteries and major infrastructure. Additionally, shallow bay product consistently outperforms bulk industrial in the Dallas-Fort Worth metroplex, with average occupancy in the mid-to-high 90s and 6.4% average annual rent growth.
The JLL Capital Markets Investment Sales Advisory team representing the seller was led by Senior Managing Directors Stephen Bailey and Dustin Volz, Directors Dom Espinosa and Zach Riebe and Analyst Pauli Kerr.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources on JLL, please visit our newsroom.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of September 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About CanTex Capital
CanTex Capital (CanTex) is a premier, Dallas-Fort Worth (DFW) based commercial real estate (CRE) investment firm specializing in the repositioning and redevelopment of infill industrial properties throughout Texas. The team’s experience spans a wide range of geographical markets, asset classes, and market cycles, solidifying CanTex’s presence in the DFW CRE markets and ensuring its growth. Since its inception in 2018, CanTex has acquired over 6 million square feet of shallow bay industrial product.