Cohen Asset Management Snaps Up DFW Industrial Campus
Cohen Asset Management has acquired the I-30 MacArthur Business Center in an off-market transaction. Lincoln Property Co. previously owned the five-building, 208,743-square-foot industrial park in Grand Prairie, Texas, according to CommercialEdge data.
In 2020, Veritex Community Bank issued a construction loan, the same source shows, and two years later, the industrial campus came online. Buildings 3 and 5 measure 54,293 and 83,561 square feet, respectively. Buildings 1, 2 and 4 encompass a total of 70,889 square feet.
Features include 24-foot clear heights, three dock-high, overhead doors, as well as 120-foot truck courts and Class IV Fire Protection Systems. At the time of the transaction, the campus was 100 percent leased to eight national and regional tenants, including Mirella Tile, Cabinet Warehouse and Johnstone Supply, among others.
READ ALSO: Dallas Industrial Investment Sees Surge
Located at 2303, 2403, 2407, 2703 and 2707 E. Interstate 30, the I-30 MacArthur Business Center is some 11 and 22 miles from downtown Dallas and Fort Worth, Texas, respectively. The Dallas Fort Worth International Airport operates roughly 13 miles northwest of the campus, while Interstate 20 is about 10 miles southwest.
Cohen bullish on the DFW industrial market
Co-CIO Jason Haas with Cohen Asset Management stated in prepared remarks that the company believes the park will benefit from an imbalance between supply and demand, which permeates Class A industrial and logistics properties in prime, infill locations.
Haas also mentioned that the company’s Texas footprint comprised more than 8.5 million square feet of industrial space under management. Last year, the firm acquired two industrial logistics assets in Dallas and Glendale, Ariz. The Texas asset spanned 920,275 square feet.
Cohen’s transactional activity has encompassed more than 500 industrial buildings nationally, spanning north of 55 million square feet, as of August 2024. The company has traded upward of $5.5 billion.
The roaring Metroplex’s industrial investment scene
Year-to-date through July, investors traded $2.4 billion in industrial assets throughout the Metroplex, according to a recent CommercialEdge report, with the average price per square foot clocking in at $146. The Bay Area was the sole market to outshine Dallas-Fort Worth, with an industrial investment volume of $2.5 billion year-to-date through July.
Another Dallas-Fort Worth industrial deal that closed this summer was DRA Advisors’ acquisition of an eight-asset, 846,261-square-foot infill portfolio in Plano, Texas. New York Life funded the purchase with a $79 million loan.
The post Cohen Asset Management Snaps Up DFW Industrial Campus appeared first on Commercial Property Executive.
