Denton I. Picture courtesy of CBRE
Westcore Properties has acquired Denton Level I & II, a two-building, 242,320-square-foot industrial property in Denton, Texas. A three way partnership between TA Associates and Holt Lundsford bought the Class A, totally leased asset for about $32 million.
The lately accomplished rear-loading buildings are located on 18.6 acres and have 32-foot clear heights, ESFR hearth sprinklers, 28 dock doorways, all concrete truck courts and website, dock-high loading, 86 trailer parking areas and 125 auto parking spots. The ability is leased to 3 tenants: DHL, Lowe’s House Middle and Muenster Milling.
The property is situated at 451 S. Western Blvd., within the submarket of Denton, 36.3 miles from Fort Value and 43 miles from Dallas. The ability has frontage alongside Western Boulevard and has entry to Interstate 35. Aldi, Goal Distribution and WinCo Meals, amongst others, are additionally current within the space.
Government Vice President Jonathan Bryan, Vice Chairman Randy Baird, alongside Monetary Analyst Taylor Hare with CBRE represented the vendor, with Westcore representing itself.
A fourth-quarter CBRE report on the DFW industrial sector reveals the market had a emptiness fee of 4.6 %, which was principally unchanged over the 2021 year-end emptiness fee. By way of provide, 5.8 million sq. ft was delivered within the fourth quarter, with the development pipeline totaling 76.9 million.
Westcore’s previous transactions
Previously 12 months, Westcore made a number of acquisitions, together with the acquisition of Halsey Enterprise Park in Gresham, Ore. The 405,000-square-foot asset traded for $54.1 million. Within the second half of 2022, the corporate entered the North Carolina market with the acquisition of Union Cross Industrial Middle, a two-building portfolio in Winston-Salem.
One in all Westcore’s bigger purchases happened in October 2022, when the corporate acquired Central Logistics, a virtually 1.1 million-square-foot industrial campus in Phoenix. ViaWest Group bought the property for $93.5 million.
Since its founding in 2000, Westcore has acquired, managed and bought greater than $10 billion in belongings comprising greater than 1,000 buildings and including as much as 100 million sq. ft. The corporate owns 89 industrial properties, a complete of roughly 16.6 million sq. ft, based on CommercialEdge knowledge. Westcore Managing Director Hack Adams mentioned in ready remarks that with the present transaction, the corporate’s Texas industrial portfolio totals 5 million sq. ft.
