Sale of newly completed industrial building in Northeast Dallas closes
JLL Capital Markets closed the sale of the Logistics Center at McKinney Building B
DALLAS, November 2, 2022 – JLL Capital Markets announced today that it has closed the sale of the Logistics Center at McKinney Building B, a Class A, 301,796-square-foot industrial building in McKinney, Texas.
JLL represented the seller, a joint venture between Thor Equities Group and Morgan Stanley, in the sale to AC Industrial Properties LLC.
Logistics Center at McKinney Building B is a rear-load building featuring 32’ clear heights, 130’ truck court, 52 overhead doors, two drive-in doors and 190 parking spaces.
The property is situated on 16.82 acres at 350 Cypress Hill Dr. with direct access to Dallas-Fort Worth and Texas’s major commercial hubs via U.S. 75, Highway 380 and State Highway 121. As a result, Logistics Center at McKinney Building B is within 20 miles of 1.46 million residents. Furthermore, the building is located five miles from McKinney National Airport.
Logistics Center at McKinney Building B benefits from its position in the Northeast Dallas Industrial submarket, which accounts for approximately 20% of the submarket’s total inventory. Vacancy within the submarket is now below the market average. Most new development is occurring in the outlying areas of the submarket, such as McKinney and Frisco. Last-mile tenants are relocating to these fast-growing suburbs following the population growth that has occurred over the past two decades.
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 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.
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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 $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 Thor Equities Group
Thor Equities is a leader in the development, leasing and management of office, industrial, laboratory, residential, hotel and mixed-use assets in premier urban locations worldwide. The company operates in major cities around the globe and has a property portfolio totaling $20 billion with a development pipeline in excess of 50 million square feet. Thor has a strong presence on three continents and in addition to its U.S. holdings, the company has assets in European gateway cities including London, Paris, Madrid and Milan, and is the largest developer in Mexico through its Latin American division with a development pipeline of over 18 million square feet. Thor maximizes returns for institutional investors by recognizing a property’s potential, reducing operating expenses, increasing tenant satisfaction, leveraging market trends to maintain a long-term competitive edge. For more information, visit thorequities.com.
About Morgan Stanley
Morgan Stanley (NYSE: MS) is a leading global financial services firm providing a wide range of investment banking, securities, wealth management and investment management services. With offices in 41 countries, the Firm’s employees serve clients worldwide including corporations, governments, institutions and individuals. For further information about Morgan Stanley, please visit morganstanley.com.
About AC Industrial Properties LLC
AC Industrial Properties LLC, parent company of Texas Industrial Warehouses, LLC, is based in Buena Park, CA with industrial properties in Southern California and Dallas-Fort Worth. The Texas properties are Class A facilities that include the Logistics Center at McKinney Building A, plus two properties each in East and South Dallas. The McKinney Building B shell at 350 Cypress Hill Drive is being built out to lease to four tenants.