High Street Logistics Snaps Up Dallas Campus
Urban Logistics Realty has sold Urban District 35, a 440,663-square-foot industrial park in Denton, Texas, a Dallas submarket. High Street Logistics Properties purchased the four-building asset by using an acquisition loan from The Hartford Financial Services Group, CommercialEdge data shows.
The developer broke ground on the campus in January 2022, financing its construction with a loan from First United Bank and Trust Co. Pennybacker Capital was the equity partner, Ridgemont Construction served as general contractor, while Kimley Horn provided engineering services for the GRS Andrade Architects-designed project.
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Completed last June, the facilities range between 77,830 and 134,887 square feet and include 28- and 32-foot clear heights and 60-foot speed bays. The property also features a total of more than 570 parking spaces, 87 dock-high loading doors, eight drive-in doors and 45 trailer stalls.
Urban District 35 was 67 percent leased at the time of sale, with tenants including local manufacturers and national distributors. Holt Lunsford Market Directors Keaton Brice and George Jennings, along with Vice President Andrew Gilbert, spearhead the leasing efforts.
The campus is at 210 Acme St., providing easy access to Interstate 35. Downtown Denton is less than 2 miles northeast, downtown Dallas is within 40 miles, while the Dallas Fort Worth International Airport is some 27 miles away.
Dallas-Fort Worth sales volume remains strong
The Dallas-Fort Worth metro saw $831 million in industrial assets trading year-to-date through March, logging the second-largest sale volume nationally after the Bay Area, according to the latest CommercialEdge industrial report. Properties in The Metroplex changed hands for an average of $145 per square foot.
In March, Stonelake Capital Partners purchased a 119,995-square-foot distribution center in Fort Worth, Texas. Bessemer Trust and Hersch & Co. sold the asset, which is part of the 1,300-acre CentrePort Business Park.
At the beginning of the year, a real estate fund advised by Crow Holdings Capital and Creation Equity sold Northmark Commerce Center, a 234,475-square-foot industrial warehouse in Haltom City, Texas. The facility came online last year.
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