Class A industrial building in North Fort Worth trades
JLL Capital Markets closed the sale of the fully leased HWY 114 Distribution Center in Roanoke, TX
DALLAS, October 13, 2022 – JLL Capital Markets announced today that it has closed the sale of HWY 114 Distribution Center, a newly completed Class A industrial building totaling 568,632 square feet in Roanoke, Texas.
JLL represented the seller, Provident Realty Advisors, in the sale to Cohen Asset Management.
Delivered in 2021, the cross-dock building features 119 dock doors, 36’ clear heights and 229 parking spaces. HWY 114 is 100% leased to UNIS, a third-party logistics provider based out of Buena Park, Calif. with over 12 million square feet and 45 locations across 16 major U.S. markets.
Positioned on 68.6 acres at 1230 W Highway 114, the property is strategically located two miles east of the intersection of Interstate 35 and State Highway 114 in the North Fort Worth (Alliance) Industrial submarket. The area benefits from its accessibility to major highways, including Interstates 35 and 820 and State Highways 81 and 114. As a result, tenants can reach the 25 million residents of the Texas Triangle, the area between Dallas-Fort Worth, Austin, San Antonio and Houston, within five hours. Furthermore, HWY 114 Distribution Center is 14 minutes from Dallas-Fort Worth International Airport and 10 minutes from Fort Worth Alliance Airport.
Led by John Bunten and his team, the Provident Industrial Portfolio currently consists of twelve projects totaling 1,535 acres for speculative and build-to-suit warehouse developments across the southern United States. PRA has an interest in an additional 347 acres in South Carolina, Tennessee and Texas.
The JLL Capital Markets Industrial team representing the seller was led by Senior Managing Directors Dustin Volz and Stephen Bailey, Directors Dom Espinosa and Zach Riebe and Analyst Matthew Barge.
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 June 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Provident Realty Advisors
Provident Realty Advisors, Inc. is a privately held real estate and investment firm that has thrived through three decades and multiple market cycles with foresight, depth of experience, and a unique ability to adapt to shifting demands, market trends and challenging economic cycles. Provident seeks to provide exceptional risk-adjusted returns to its investor partners through superior development of opportunistic and value-added strategies. Since its formation in 1991, Provident has developed or invested in more than $5 billion worth of real estate projects across the country. For more information, please visit www.providentrealty.net.
About Cohen Asset Management
Cohen Asset Management is a premier private real estate investment firm that is headquartered in Southern California with regional offices in Phoenix, Dallas-Fort Worth and Northern New Jersey. They have an established history as a prominent and active owner-operator spanning several decades with a singular focus on the industrial and logistics sector, including fulfillment, warehouse and distribution centers, manufacturing facilities and infill/last mile properties aimed at providing solutions for the growing 21st-century e-commerce economy and global supply chain. Their multi-disciplinary team of dedicated and seasoned real estate professionals creates value for their investors and their tenants by establishing mutually rewarding relationships within the real estate community and by taking a proactive, hands-on approach to all their investments. They take great pride in their excellent reputation as a responsive landlord, a savvy investor and a great partner.