CanTex Capital sells infill industrial portfolio in Dallas-Fort Worth to The Benedetti Company
JLL Capital Markets arranged the sale and acquisition financing for 6-building shallow bay industrial portfolio
DALLAS, Aug. 5, 2021 – JLL Capital Markets announced today that it has closed the sale of and arranged acquisition financing for a six-property shallow bay industrial portfolio totaling 289,225 square feet in prime infill locations throughout the Dallas-Fort Worth metro area.
JLL represented and marketed the portfolio on behalf of the seller, CanTex Capital. The Bendetti Company acquired the assets from CanTex after going through a competitive process. Additionally, working on behalf of the new owner, JLL placed the three-year, floating-rate loan with Bridge Investment Group.
The portfolio is 82 percent leased to seven tenants with a weighted average lease term of more than six years. The portfolio comprises properties at 1209 Round Table, 4924 Woodall St. and 8517 Directors Row in Dallas; 4901 Beach St. in Ft. Worth; 924 111th St. in Arlington; and 1609 109th St. in Grand Prairie. Completed between 1958 and 1981, buildings feature clear heights ranging from 14 to 23 feet; 18 percent average office finish; a mixture of rear- and front-loading and cross dock configurations; 35 dock-high doors, six drive-in doors; and ample parking.
Situated on a total of 21.5 acres, all six properties are within DFW’s most coveted infill industrial submarkets, Brookhollow, GSW and North Fort Worth, providing unparalleled connectivity to the metro’s dominant transportation arteries, strongest labor pools and primary residential hubs.
“This portfolio sale marks our first full cycle value-add with lease-up and is a subset of the industrial properties that we are continuing to aggressively acquire and value-add throughout Dallas/Fort Worth,” said Romit Cheema, CEO of CanTex Capital.
Vintage shallow bay product (pre-2000) within the DFW industrial market has consistently outperformed bulk industrial product, with stable occupancy averaging 95 percent since 2010, outstanding historical rent growth and reliable leasing velocity.
“Dallas/Fort Worth is a dynamic market with strong fundamentals and tremendous growth potential,” said Aaron Weaver, CFO of The Bendetti Company. “With this acquisition, we are excited to be entering a new market and we seek additional assets in the Dallas/Fort Worth metro area that are well-aligned with our ongoing investment strategy.”
The JLL Industrial Capital Markets team that represented the seller was led by Senior Managing Director Dustin Volz, Managing Director Stephen Bailey and Analyst Matthew Barge.
The JLL Capital Markets Debt Placement team that represented the buyer was led by Managing Director John Chun, Directors Peter Thompson and Jarrod McCabe, Associate Samuel Godfrey and Analyst Jordan Leake.
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.
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 $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 92,000 as of June 30, 2021. 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 is a premier commercial real estate investment firm in Dallas actively acquiring infill industrial properties throughout Texas. We focus on acquisitions, construction, management and development with a focus on light industrial assets. The breadth of their experience in commercial real estate spans different geographic markets, asset types and market cycles giving us a diverse and unique perspective and outlook.
About The Bendetti Company
The Bendetti Company is a Southern California-based commercial real estate company which focuses on the investment and management of commercial properties in the western U.S. Founded in 1964, The Bendetti Company looks for value-add or core plus investment opportunities to achieve superior risk-adjusted returns. For more information, visit bendetti.com.