Two-building industrial facility in sought-after Dallas market sells
JLL Capital Markets closed the sale of KONE Industrial Facility in Allen, Texas
DALLAS, Jan. 19, 2022 – JLL Capital Markets announced today that it has closed the sale of KONE Industrial Facility, a two-building facility totaling 144,128 square feet of industrial and research space fully leased to KONE in the North Dallas suburb of Allen, Texas.
JLL marketed the property on behalf of the seller, Sentinel Capital. Tradition Senior Living, LP acquired the asset.
Constructed in 2016, KONE Industrial Facility is fully leased to KONE, one of the global leaders in the elevator and escalator industry. KONE uses the facility for its Americas’ supply operations, major project engineering, R&D and other product support and installation functions. The institutional-quality facility comprises a 121,852-square-foot industrial building with a 28-foot clear height, four dock-high doors, one drive-in door and a low office finish, along with a 22,276-square-foot, seven-story elevator test tower with 27 percent office finish.
Situated on 6.18 acres, KONE Industrial Facility is at 460 and 500 Century Parkway in a highly desirable infill location with immediate access to Highway 75. This coveted location provides easy access to two state highways, 121 (Sam Rayburn Tollway) and 161 (George Bush Turnpike). The immediate area is home to some of the most sought-after retail options in the area, including Waters Creek.
The highly sought-after Dallas-Fort Worth industrial market continues its record-setting demand and absorption, which shows no signs of slowing down. KONE Industrial Facility is within the Northeast Dallas Industrial submarket, which is the largest submarket for manufacturing space. According to JLL Research, this submarket had only 5.9 percent vacancy at the end of the fourth quarter of 2021.
The JLL Capital Markets Investment Sales and Advisory team representing the seller was led by Managing Director Stephen Bailey, Senior Managing Director Dustin Volz, Director Dom Espinosa and Analysts Wesley Gilmer and Beth Copeland.
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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About JLL
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 95,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Sentinel Capital
Sentinel Capital, LLC formed in 2012 as an opportunistic real estate investment firm that specializes in the acquisition, development, management and disposition of commercial real estate properties located throughout Texas. Focusing on markets with long-term economic growth, Sentinel Capital is dedicated to a highly disciplined investment strategy across all real estate asset types, including: industrial, office, retail and multi-family. As acting sponsor, Sentinel Capital has existing Assets Under Management of approximately $400 million worth of real estate, comprised of 1,975+ multi-family units with a market value over $190 million, as well as over 700,000 square feet of commercial space, with an additional 435,000 square feet currently in development valued at nearly $200 million.
About Tradition Senior Living, LP
Tradition Senior Living, LP is primarily engaged in the development, construction and management of a growing number of senior living developments. Tradition was founded by Jonathan Perlman in 2008 and has since then grown to five communities across Dallas, Houston, and Fort Worth. The company has also been involved with the development and ownership of multifamily and industrial assets through related entities.