DALLAS — Editor's note: This article was originally published in the Dallas Business Journal here.
Los Angeles-based investment firm Cohen Asset Management has purchased a 920,000 square foot logistics facility in south Dallas.
Located at 3351 Balmorhea Drive, DalParc Logistics Center Building 1 is fully leased and near I-20, I-35, I-45 and Hwy 360. The center was built in 2016 and updated last year with new roofing, increased air circulation and an upgraded racking and loading dock improvements.
Terms of the deal were not disclosed.
“There was significant investor interest in DalParc 1 as demand for industrial space in DFW continues to be unprecedented,” CBRE Executive Vice President Jonathan Bryan said in a news release. “The quality and location of the building combined with stable rent income over the next 10 years made this a highly desirable asset.”
CBRE National Partners' Bryan, Randy Baird, Ryan Thornton, Nathan Wynne and Eliza Bachhuber represented the seller in the transaction.
Founded in 1979, CAM has regional offices in Dallas-Fort Worth, New Jersey and Arizona. The real estate firm focuses on the logistics and industrial sector including manufacturing facilities, fulfillment warehouses and distribution centers and has expanded its portfolio across about 25 states, according to its website.
The company recently acquired a logistics building in Arizona. The newly constructed facility is 100% leased to a tenant relocating their headquarters from California to Arizona.
“High-quality-mission-critical industrial and logistics properties play an even greater role in today’s supply chain, and we are excited to add this state-of-the-art facility to our growing Arizona portfolio.” CAM Principal and Co-chief Investment Officer Brandon Delf previously said in a statement. “With a long-term lease in place and a tenant that has invested significant capital in the building, we anticipate our investors will benefit from stable and predictable cash flows that should generate attractive returns over time.”
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