Cohen Asset Management Buys Suburban Dallas Facility

Image by marcinjozwiak via Pixabay

Cohen Asset Management has purchased a newly constructed 698,880-square-foot industrial facility at 1700 N. Goode Road in Wilmer, Texas. Cohen acquired the asset from its previous owner, which CommercialEdge lists as Scannell Properties.

Built on 37 acres, the newly acquired property was completed in 2022. The facility is subject to a $35 million loan, provided by Pinnacle Financial Partners.

The complex has a 40-foot clear height, 185-foot truck courts, 56-foot by 50-foot column spacing and mechanical loading doors, according to CommercialEdge information. The facility is situated along Interstate 41, within 15 miles of central Dallas and within 40 miles of Fort Worth, giving it quick trucking and shipping access to both cities.

Over the past two years, Cohen has been an active investor in nearly all of the nation’s gateway industrial markets, with a portfolio totaling 98 properties and 14.2 million square feet, half of which are in the Dallas-Fort Worth market. Nearly 96 percent of the firm’s assets are under lease, according to CommercialEdge. In October, Cohen had purchased another recently constructed 568,632-square-foot logistics facility in Roanoke, Texas. In July, the firm acquired The Landing 3, 4, and 5, a nine-building portfolio totaling 858,900 square feet in Mesa, Ariz.

Dallas’ industrial domination

The Dallas-Fort Worth metro remains one of the nation’s largest and most sought-after markets in the nation for industrial development and leasing, as the area has 62 million square feet under construction, in addition to a vacancy rate of 3.5 percent, according to data from an October 2022 CommercialEdge report. Behind only four markets in terms of sales activity, the metro has seen $3.5 billion in total transaction volume year-to-date as of September, with an average per-square-foot sales price of $102.