Westcore Expands Texas Industrial Footprint

Denton I. Image courtesy of CBRE

Westcore Properties has acquired Denton Point I & II, a two-building, 242,320-square-foot industrial property in Denton, Texas. A joint venture between TA Associates and Holt Lundsford sold the Class A, fully leased asset for approximately $32 million.

The recently completed rear-loading buildings are situated on 18.6 acres and feature 32-foot clear heights, ESFR fire sprinklers, 28 dock doors, all concrete truck courts and site, dock-high loading, 86 trailer parking spaces and 125 auto parking spots. The facility is leased to three tenants: DHL, Lowe’s Home Center and Muenster Milling.

The property is located at 451 S. Western Blvd., in the submarket of Denton, 36.3 miles from Fort Worth and 43 miles from Dallas. The facility has frontage along Western Boulevard and has access to Interstate 35. Aldi, Target Distribution and WinCo Foods, among others, are also present in the area.

Executive Vice President Jonathan Bryan, Vice Chairman Randy Baird, alongside Financial Analyst Taylor Hare with CBRE represented the seller, with Westcore representing itself.

A fourth-quarter CBRE report on the DFW industrial sector shows the market had a vacancy rate of 4.6 percent, which was mostly unchanged over the 2021 year-end vacancy rate. In terms of supply, 5.8 million square feet was delivered in the fourth quarter, with the construction pipeline totaling 76.9 million.

Westcore’s past transactions

In the past year, Westcore made several acquisitions, including the purchase of Halsey Business Park in Gresham, Ore. The 405,000-square-foot asset traded for $54.1 million. In the second half of 2022, the company entered the North Carolina market with the acquisition of Union Cross Industrial Center, a two-building portfolio in Winston-Salem.

One of Westcore’s larger purchases took place in October 2022, when the company acquired Central Logistics, a nearly 1.1 million-square-foot industrial campus in Phoenix. ViaWest Group sold the property for $93.5 million.

Since its founding in 2000, Westcore has acquired, managed and sold more than $10 billion in assets comprising more than 1,000 buildings and adding up to 100 million square feet. The company owns 89 industrial properties, a total of approximately 16.6 million square feet, according to CommercialEdge data. Westcore Managing Director Hack Adams said in prepared remarks that with the current transaction, the company’s Texas industrial portfolio totals 5 million square feet.