With 1031 exchange funds to deploy, a Southern California investment group has added to its Dallas/Fort Worth portfolio, buying a fully leased, multi-tenant industrial building in the South Stemmons submarket.
Tyler Family Real Estate Investments LLC has purchased a 28,800-sf warehouse at 321 N. Rogers Rd. in Irving, using the remainder of its 1031 exchange funds. Two months ago, the SoCal group bought a slightly larger multi-tenant distribution center at11401 Plano Rd. in Dallas.
“The South Stemmons project is a good value-add acquisition with immediate upside in below-market rents,” says Jason Finch, vice president of Dallas-based Bradford Commercial Real Estate Services. He and Noah Dodge, senior associate, represented the buyer.
Tyler Family Real Estate’s new holding is a 15-tenant project, of which 80% are automotive-related businesses. Bradford has been awarded the leasing assignment, with the new owner assuming management duties.
“Many of the project’s tenants have been there a long time,” Finch says, “and we’re optimistic they’ll remain in place. It’s difficult for automotive businesses to find good space.”
The warehouse was developed in 1984 specifically for automotive users. Suites average 1,500 sf. The property, totaling slightly less than two acres, includes 93 parking spaces. Jason Moser and Jamie Jennings of Stream Realty Partners represented the seller, LFH Rogers LLC.
“Our client prefers multi-tenant industrial buildings with smaller suites. It a perfect fit for the buyer’s sweet spot,” Finch says.