Cohen Asset Administration Inc., of Los Angeles, has acquired a lately constructed 568,632-square-foot Class A logistics facility in Roanoke, Texas, within the Dallas–Fort Value metro.
The property, on a 63.1-acre web site at 1230 W. Freeway 114, is totally leased to what Cohen described as a nationally acknowledged third-party logistics supplier on a long-term lease.
The vendor and buy value weren’t disclosed, and Cohen didn’t reply to Industrial Property Government’s requests. Nonetheless, data from CommercialEdge signifies that the earlier proprietor was Provident Realty Advisors, of Dallas, and that the property was accomplished in 2021, topic to a September 2020 mortgage of about $21.9 million, presumably building financing.
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CommercialEdge additionally reported that fifty,000 sq. toes of the constructing stays unoccupied and is being provided by Cubework.
In a ready assertion, Jason Haas, Cohen’s co-chief funding officer mentioned that the property is well-positioned to learn from the continued provide/demand imbalance—each from traders and occupiers—that exists for Class A industrial and logistics properties in prime, infill places.
Regular efficiency
The Dallas–Fort Value industrial market had a document yr in 2021 and has simply loved its forty seventh straight quarter of optimistic web absorption, in keeping with a second-quarter report from Texas-based CRE agency Holt Lunsford Industrial.
“Continued tenant demand is obvious as proven with robust leasing exercise numbers by way of mid-year as in comparison with earlier years,” the report notes.
Given its Southern California roots, Cohen’s latest consideration to sizzling, high-growth climates is just pure. In January, the corporate acquired a 405,656-square-foot industrial park in metro Phoenix for $71 million.
In June, Cohen bought a a lot bigger facility in the identical metro, a newly accomplished, 862,622-square-foot logistics property in Buckeye, Ariz., that’s totally occupied by toy maker Funko.
