CapRock Makes 1st Texas Industrial Buy
This cross-dock distribution center was fully leased at the time of sale.
CapRock Partners has made its Texas industrial debut with the acquisition of Peachtree Distribution Center, a 396,750-square-foot facility in Mesquite, a Dallas-Fort Worth submarket. Plans call for capital improvements to enhance the property’s functionality and aesthetics.
The previous owner was Dalfen Industrial, according to CommercialEdge data, which acquired the asset in 2020 from Clarion Partners. CBRE National Partners represented the seller in the transaction.
The warehouse came online in 2001 and was fully leased to three tenants at the time of sale. Features include 66 dock-high loading doors with levelers and bumpers, 31-foot clear heights, three drive-in doors and minimal office space. Additionally, the property has 120-foot truck courts that are expandable to 175 feet, some 260 car parking spaces and 50- by 60-foot bay spacing.
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Located on 24 acres at 510 N. Peachtree Road, the cross-dock distribution center is 12 miles from downtown Dallas and 30 miles southeast from Dallas-Fort Worth International Airport. The facility is also 1 mile from a 756,668-square-foot industrial development that is scheduled to come online in 2025.
CBRE National Partners Vice Chair Randy Baird, Executive Vice Presidents Ryan Thornton, Jonathan Bryan and Nathan Wynne, along with First Vice President Eliza Bachhuber and Senior Associate Elliott Dow, represented the seller in the transaction. Baird and Bryan were also part of the team that represented TA Associates and Holt Lundsford in the sale of a two-building campus in Denton, Texas.
CapRock’s growing industrial inventory
CapRock Partners’ industrial inventory includes more than 30 million square feet across the U.S. The firm focuses on acquiring middle-market, value-add industrial assets and developing large-scale facilities.
Last August, the company broke ground on the 1.3 million-square-foot first building within CapRock Central Point III in Visalia, Calif. Upon completion, the campus is expected to total 2.7 million square feet.
A couple of months earlier, CapRock announced plans for CapRock Global Logistics, an approximately 500,000-square-foot development in Moreno Valley, Calif. The project is part of the 2,610-acre World Logistics Center master plan.
The Metroplex leads the region for industrial sales
The Metroplex registered the largest sales volume among Southern markets in January and February at $318 million, according to the latest CommercialEdge industrial report. The facilities traded for $165 per square foot on average. The metro’s vacancy rate during the same period clocked in at 4.7 percent, 30 basis points lower than the national average.
In January, a real estate fund advised by Crow Holdings Capital and Creation Equity sold Northmark Commerce Center in Haltom City, Texas. The 234,475-square-foot building came online last year.
Other notable recent deals include Forefront Commercial Real Estate’s acquisition of a 627,303-square-foot industrial portfolio in the Northwestern Dallas submarket. AEW Capital Management sold the four fully leased facilities.
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