AEW Capital Sells Dallas Industrial Portfolio
Lincoln Life & Annuity Co. of New York provided acquisition financing.
AEW Capital Management has sold the North Dallas Infill Portfolio, with the assistance of Newmark. Located in the Dallas suburbs of Farmers Branch, Carrollton and Addison, the assets total 627,303 square feet.
Forefront Commercial Real Estate purchased the four fully leased industrial buildings. Lincoln Life & Annuity Co. of New York, a subsidiary of Lincoln Financial Group, provided a $45 million acquisition loan, public records show.
The assets previously traded in July 2019, when AEW Capital Management acquired a 2.9 million-square-foot Texas industrial portfolio from TA Realty, according to CommercialEdge.
READ ALSO: Dallas Industrial Sector Boomed With Momentum in 2023
The shallow-bay facilities came online between 1970 and 1979, feature 22- to 24-foot clear heights and include a combined 77,000 square feet of office space. The properties that changed hands include:
- 240,000-square-foot distribution center featuring 28 dock-high loading doors, more than 200 parking spaces and three drive-in doors
- two-building, 127,054-square-foot property with 18 dock loading doors and two drive-in doors, as well as some 85 parking spaces
- 260,249-square-foot warehouse with 28 dock loading doors and five drive-in doors, almost 290 parking spaces and a 100-foot truck court
The three properties are within a 10-mile radius at 4415-4585 Simonton Road in Farmers Branch, 1135 and 1215 Crowley Drive in Carrollton and 4040-4130 Lindbergh Drive in Addison. The Northwestern Dallas submarket facilities have access to interstates 35E and 635.
Newmark Vice Chairs Dustin Volz and Stephen Bailey, Senior Managing Director Dom Espinosa and Managing Director Zach Riebe, along with Associates Taylor Hare and Chloie Mercer, represented the seller.
Metro Dallas remains attractive for investors
The Metroplex saw $318 million in industrial transactions in the first two months of the year, according to the latest CommercialEdge industrial report. The properties traded for an average of $165 per square foot, pricier than the $132 national average.
One of the largest facilities to change hands in that interval was a 430,852-square-foot Fort Worth asset that Sterling Investors acquired from GLP Capital Partners. The two-building portfolio transaction also included a 411,460-square-foot property in Houston.
A month earlier, a real estate fund advised by Crow Holdings Capital and Creation Equity sold Northmark Commerce Center, a 234,475-square-foot industrial facility in Haltom City, Texas. The warehouse was fully leased at the time of sale.
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