Stonemont Financial Group, a private real estate investment firm specializing in industrial development, acquisitions and net lease investments, announced that it sold a 218,000-square-foot industrial warehouse to Dot Foods and fully leased an additional 267,000-square-foot warehouse to Giti Tire USA at a new two-building industrial park in Fort Worth, Texas. Both transactions were finalized before completion of construction, which began in Q2 2022.
OmniCable, which was acquired by Dot Foods in 2019, will occupy Building 2 at the industrial center located at 2201 Stonemont Way off Harmon Road in North Fort Worth. OmniCable approached Stonemont to purchase the building during construction and will use the facility for its expansion into Texas, which is expected to become a key focus market for the company given the continued population and jobs boom occurring across the state.
Stonemont also leased the larger Building 1 to Giti Tire USA, which will move into the facility in November. Giti is a global tire manufacturing and distribution company headquartered in Singapore. Similar to OmniCable, Giti signed a lease for the warehouse well before construction was completed.
According to CBRE, the Dallas-Fort Worth industrial market saw its 52nd consecutive quarter of positive net absorption in Q3 of this year, with developers delivering more than eight million square feet of new product. The pre-leased rate for development under construction also increased last quarter, from 17.4% to 21.2%. The CBRE report shows the majority of leasing interest comes from 3PLs, manufacturing and wholesale trade users.
Blaine Kelly with CBRE Atlanta represented OmniCable and Dot Foods in the purchase of Building 2. Becky Thompson with Lee & Associates represented Stonemont in the transactions. Clay Balch and David Eseke of Cushman & Wakefield Dallas and Andrew Morrow and Luke Rivera of Cushman & Wakefield Los Angeles represented Giti Tire USA.