Manulife Funding Administration has bought Alliance Gateway 11, an industrial warehouse in Fort Value, Texas. The 788,160-square-foot constructing is at present one hundred pc long-term leased to a large-scale tenant utilizing the area as an e-commerce achievement facility.
Based on CommercialEdge knowledge, the only tenant is Walmart. The power was inbuilt 2007 and was beforehand owned by JP Morgan Asset Administration, in response to the identical supply. The gross sales value was not disclosed.
Alliance Gateway 11 is located in Tarrant/Alliance, a submarket in Northeast Fort Value. Situated at 5300 Westport Parkway, the positioning is 38.2 acres. In proximity to the warehouse is the Fort Value Alliance Airport and the BNSF Railway Intermodal Facility.
READ ALSO: Industrial Market Traits, Takeaways From SIOR CREate 360
Freeway 114, freeway 170 and Interstate 35 are within the property’s proximity, permitting for straightforward entry to the Better Texas space. Some 1.67 million folks stay inside a 20-mile radius of the power.
Facilities embody ESFR sprinklers, HVAC local weather management, loading doorways, dock leveler and bumpers, in addition to 933 parking areas, in response to CommercialEdge knowledge. There’s a 135-foot to 185-foot truck courtroom.
Funding methods
In ready remarks, Pritesh Patel, CIO of Americas & head of transactions at Manulife Funding Administration, mentioned that the corporate’s technique is to accumulate and develop warehouse properties to extend industrial property in its portfolio.
Alliance Gateway 11 matches the standards of the funding technique, whereas being positioned in a high-growth space. In Dallas-Fort Value, the economic market has grown by virtually 27 p.c since 2010, whereas emptiness charges have remained round 5 p.c to six p.c in the identical interval.
Manulife Funding Administration, as of the tip of March, managed greater than 63 million sq. ft of workplace, industrial, retail and multifamily area throughout Canada, the U.S. and Asia Pacific. This 12 months, the corporate bought a $145 million workplace park in San Diego, Calif.
