DWG Capital Partners (DWG), a private commercial real estate investment firm led by President Judd Dunning, has completed the acquisition of 9606 Old Manor Road, a single-tenant, 10,500-square-foot facility in Austin. It has been fully net leased to custom architectural and structural steel fabricator, Austin Iron, since 2014.
Founded in 2011, Austin Iron works with leading commercial and residential contractors, architects and designers in a state that has undergone a massive surge in development. A swell of big tech relocations has created an influx of job opportunities and rising demand for homes.
“The addition of this industrial asset to our portfolio is in line with our strategy of intelligent investment,” said Dunning. “Austin continues to perform as one of the nation’s strongest industrial markets with consistently elevated metrics and a strong pipeline for growth. We are thrilled to have been able to secure local financing to acquire this well-positioned asset with value-add opportunity.”
Dunning secured fixed-rate acquisition financing from First Bank Texas. Drew Boroughs and Andrew Gross of Matthews Real Estate Investment Services represented the private seller.
Austin was recently ranked as the nation’s strongest jobs market in a report by The Wall Street Journal and Moody’s Analytics. 9606 Old Manor Road is located between two of East Austin’s biggest employers, electric car giant Tesla, and global engineering powerhouse, Applied Materials. According to Dunning, the property adds a lower risk industrial asset with limited downside to DWG’s diverse portfolio of NNN properties located in primary and tertiary markets across the U.S.
“We look forward to continuing to serve investors with our value-add and sale-leaseback approach to effective investment and plan to triple our portfolio targeting industrial acquisitions of $3 million to $15 million in the coming 12-24 months,” said Dunning. “Backed by strong local lenders, we see opportunity for growth through partnerships with American businesses that form the backbone of the nation’s economy.”
Since opening an outpost in Texas last year, DWG has doubled down on growing its portfolio, adding Texas purchases like the following sale-leasebacks: a 124,417-square-foot flex industrial site in Longview and a 35,835-square-foot light industrial property in Columbus occupied by private equity firm-backed The Theut Company, a division of Denver Glass Interiors (DGI).