Bixby Buys 534 KSF Metroplex Industrial Portfolio
Huntington Industrial Partners sold the assets, which were 78 percent leased.
Bixby Capital Management has purchased a 533,632-square-foot, Class A industrial portfolio in Mesquite, Texas. Huntington Industrial Partners previously owned the three-building park, CommercialEdge data shows.
CBRE brokered the deal and secured the financing on behalf of Bixby Capital. PCCP LLC provided an acquisition loan, according to public records.
The buyer closed the acquisition on behalf of Bixby Industrial Fund I—which closed this May with equity investors such as Goldman Sachs and Ares Management Real Estate. Through the same fund, Bixby recapitalized five industrial properties with a $200 million note earlier this year.
READ ALSO: Dallas Industrial Investment Sees Surge
Huntington broke ground in December 2022 after securing a $35.5 million construction loan from Simmons Bank, CommercialEdge data reveals. One year later, the three buildings came online. At the time of its sale to Bixby, the industrial campus was 78 percent leased to two tenants.
The park includes a 241,512-square-foot, cross-dock facility and two front-load buildings measuring 117,260 and 174,860 square feet. The campus has a total of 48 dock doors and its facilities have 32-foot clear heights. Throughout the park, 386 car- and 99 trailer-parking spots are available while the truck court depth ranges between 130 and 200 feet.
The 42.4-acre campus is at 1420, 1204 and 1110 Military Parkway, roughly 2 miles from Interstate 635 and some 4 miles from U.S. Route 80. The Mesquite Metro Airport operates more than 5 miles east of the industrial park, while downtown Dallas is some 13 miles west.
The CBRE team which brokered the deal included National Partners Vice Chairman Randy Baird, Executive Vice Presidents Jonathan Bryan, Ryan Thorton, as well as Nathan Wynne, among others. CBRE Executive Vice President Scott Lewis alongside Vice President Matt Ballard secured the financing on behalf of Bixby.
The Metroplex ranks first for industrial sales volume
Dallas-Fort Worth investors traded nearly $3 billion in industrial assets year-to-date through August, the most out of any metro this year, the latest CommercialEdge industrial report shows. More than 24 million square feet changed hands, at an average of $138 per square foot—slightly above the $132 national figure.
Last month, Stonepeak closed on two industrial assets totaling 1.1 million square feet in the Metroplex. Institutional investors advised by J.P. Morgan Asset Management sold the assets. Another recent notable deal was DRA Advisors’ purchase of an eight-building portfolio in Plano, Texas. Link Logistics sold the fully leased assets.
You must be logged in to post a comment.