Transwestern Buys 401 KSF Facility Near Dallas
Barings has sold Cooper I-20 Building C, a 401,115-square-foot industrial facility in Arlington, Texas. Transwestern Investment Group acquired the asset with the help of a $23 million, five-year loan originated by Jackson National Life Insurance Co., according to CommercialEdge information.
Cushman & Wakefield brokered the transaction on behalf of the seller and arranged the acquisition financing.
The Class A warehouse came online in 2020 and is part of the Cooper I-20 campus, measuring 1.2 million square feet across three facilities. The two other properties were sold in 2019 in a portfolio transaction to Nuveen Real Estate, the same source shows.
READ ALSO: Cracks Show in Port Industrial Markets
The bulk distribution center features 36-foot clear heights, 92 dock-high loading doors, 45 trailer stalls and four drive-in doors, as well as dock levelers and bumpers. The building also has 52- by 60-foot bay spacing and more than 250 parking spaces.
Located at 1131 W. Bardin Road, the almost 22-acre property is some 6 miles from downtown Arlington and 16 miles from Fort Worth’s central business district, while DFW International Airport is within 19 miles northeast.
In 2021, Pregis leased 265,000 square feet within the building. The company is using the space to produce a type of mailer, according to a press release issued at the time.
Cushman & Wakefield Vice Chair Jim Carpenter, Executive Managing Directors Jud Clements, Mark Collins and David Eseke, along with Managing Director Robby Rieke, Financial Analyst Trevor Berry and Director Madeleine Supplee represented Barings in the sale. Vice Chair John Alascio, Senior Director TJ Sullivan and Senior Associate Meredith Donovan arranged the acquisition financing.
Strong transaction activity in Dallas
The Metroplex’s industrial sales volume reached $2 billion year-to-date through June, according to the latest CommercialEdge industrial report. The market ranked second nationally, surpassed only by The Bay Area, which took the lead with almost $2.3 billion. Properties changed hands for $152 per square foot on average.
Last month, DRA Advisors acquired an eight-building industrial portfolio in Plano, Texas, totaling 846,261 square feet. The buyer backed the purchase with a $79 million loan.
Earlier this year, Forefront Commercial Real Estate bought North Dallas Infill Portfolio, totaling 627,303 square feet across four facilities. AEW Capital management sold the assets.
The post Transwestern Buys 401 KSF Facility Near Dallas appeared first on Commercial Property Executive.
