Dallas-area buildings sold as part of a huge industrial deal
Three new Dallas-area industrial properties have changed hands as part of a 4-state warehouse sale.
Clarion Partners purchased the 3.75-million square feet of warehouse and distribution buildings from Denver-based Pauls Corp in a deal negotiated by commercial property firm CBRE.
The purchase included 645,000 square feet of Southern Dallas County buildings located at 3951 Corporate Drive and 3901 Corporate Drive in Lancaster and 4685 Mountain Creek Parkway in Southwest Dallas.
Other industrial buildings in the big purchase were located in Denver, Atlanta and Las Vegas.
New York-based Clarion Partners is already an investor in the North Texas industrial building market, which is one of the largest warehouses, and distribution centers in the country.
Tenants in the buildings Clarion bought include United Parcel Service Inc., Simmons, M S International, Whirlpool, SITCO Lumber and Cardinal Health.
"While the highly functional buildings and name-brand tenancy provide reliable cash flow, the opportunity also exists to add value by leasing up the vacant space and developing the land parcels," CBRE’s Randy Baird said in a statement.
Baird negotiated the sale along with CBRE’s Jack Fraker, Ryan Thornton, Jonathan Bryan, Darla Longo and Chris Riley.
Buyer Clarion Partners is a real estate investment management firm with more than $44.7 billion in total assets.