Shallow bay industrial portfolio in the Dallas-Fort Worth area sells
JLL Capital Markets also arranged acquisition financing for the eight-property infill industrial portfolio
DALLAS, November 30, 2020 – JLL Capital Markets announced today that it has closed the sale of and arranged acquisition financing for an eight-property shallow bay industrial portfolio totaling 606,889 square feet within infill markets in the Dallas-Fort Worth metroplex area.
JLL worked on behalf of the seller, Fort Capital. Birtcher Anderson, in a joint venture with Belay Investment Group, purchased the portfolio. Additionally, JLL worked on behalf of the new owner to place the five-year, floating-rate acquisition loan.
The 95-percent-leased multi-tenant portfolio includes Manana Business Park at 2526 Manana Dr. in Dallas; Garden Brook Industrial at 3109, 3113 and 3300 Garden Brook in Farmers Branch; 4101 Lindberg in Addison; Luke Business Park at 1100-1220 Luke St. in Irving; Hickory Business Park at 1665 Hickory Dr. in Haltom City; and 1115 and 1101 NE 23rd St. and Suffolk Industrial Park at 2901, 2905, 2921 and 2951 Suffolk Dr. in Fort Worth. All these properties are in premier infill locations in established industrial submarkets near major transportation arteries.
The JLL Capital Markets Investment Advisory team representing the seller was led by Senior Director Stephen Bailey, Managing Director Dustin Volz, Senior Director Zane Marcell and Analysts Wesley Gilmer and Erin Lazarus.
The JLL Capital Markets Debt Placement team representing the new owner included Senior Director Cullen Aderhold.
The Dallas-Fort Worth Industrial market continues in 3Q 2020 to set its record run of growth as one of the top industrial markets in the country. JLL reports that strong fundamentals and ongoing demand for space in the DFW market will continue to push rents higher along with new speculative construction well into 2021.
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 advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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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 $18.0 billion in 2019, operations in over 80 countries and a global workforce of over 92,000 as of September 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Fort Capital
A real estate private equity firm based in Fort Worth, Texas, Fort Capital has a track record of acquiring more than $504 million in assets throughout Texas. The firm is dedicated to providing exceptional returns to our investors and stakeholders through a thoughtful approach to investing, financing and operating prime industrial, commercial and urban core real estate.
About Birtcher Anderson
Since its inception in 1939, the Birtcher organization has grown from a local home building contractor to national prominence as a leading real estate firm in the Western United States. The company has managed over 22 million square feet of commercial property for both their own investment and for various private and public investment entities over the past 40 years, in the United States and in Asia. Additionally, the Birtcher organization has engaged in asset management and repositioning assignments for major financial institutions, including the U.S. Government, as well as constructed or developed over 100 million square feet of commercial property nationally. birtcheranderson.com
About Belay Investment Group
Belay Investment Group, LLC is a Los Angeles-based Registered Investment Advisor that pursues value-added investment opportunities, primarily middle-market infill properties in urban/suburban transit hub markets, on behalf of its institutional investors. Belay implements its investment strategies through long term partnerships established with high caliber, local operating partners and sector specialists. The firm has earned a reputation in the industry for supporting the growth and development of operators and emerging managers (including MWBE firms), beyond simply providing investment capital. For more information visit: belayinvestmentgroup.com.