CIM Group Lands New Tenant at 1.1 MSF Fort Worth Facility

Junction 20-35. Image courtesy of CIM Group

The tenant roster at Junction 20/35, a 1.1 million-square-foot industrial property in Fort Worth, Texas, has reached maximum capacity now that owner CIM Group has leased the remaining 184,700 square feet to HGR Industrial Surplus.

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A rail-served property constructed in 1989, Junction 20/35 carries the address of 7550 Oak Grove Road and sits at the intersection of Interstate 20 and Interstate 35, roughly 10 miles from Fort Worth’s central business district and within easy reach of three airports and two intermodal facilities.

CIM Group acquired the building, along with an adjacent 14.4-acre land parcel, in May 2020 for $92.3 million. Since taking on ownership of the asset, the real estate company has further enhanced the property with various upgrades, including the buildout of approximately 4,800 square feet of office space, the installation of a new ESFR sprinkler system and a roof replacement.

HGR’s neighbors at Junction 20/35 will include McLane Co. Inc., which occupies the property’s freezer/cooler segment, and Oatly, which signed a lease in August for 280,000 square feet that will house the oat drink company’s production facility scheduled to open in 2023. By bringing Junction 20/35 up to 100 percent occupancy with HGR’s lease, CIM Group is helping to perpetuate a positive national trend.

As noted in a second quarter report by Colliers International, “Led by core markets in Dallas-Fort Worth, Atlanta, the Inland Empire and Chicago, the U.S. industrial market continues to perform exceptionally well despite the pandemic-related challenges facing other commercial real estate sectors.”

A buying frame of mind

CIM Group is actively pursuing industrial properties, a spokesperson told Commercial Property Executive, scouring the U.S. for well-located assets in key logistics markets under its acquisition program. Most recently, the company purchased 2250 S. Litchfield Road, a 450,600-square-foot asset across from the Phoenix Goodyear Airport, in Goodyear, Ariz., in a $56 million transaction. CIM Group continues to emerge victorious in an increasingly competitive sector.

“Growth in investor demand for industrial properties continues to surpass all other property types,” according to the Colliers report. “Deal activity has surged past previous levels and prices continue to rise. As a result, the industrial market has not only shaken off the challenges of the COVID-19 pandemic but has even benefited from some of the turmoil.”