Category: North Texas Deals & Announcements

M2G Ventures, Pennybacker Acquire 1.2 MSF Industrial Portfolio in DFW

Posted on by Sarah

M2G Ventures, a North Texas-based real estate investment and development company, and Pennybacker Capital LLC, a data-driven real estate private equity firm, have purchased the 1.19-million-square-foot industrial distribution facility and corporate store formerly owned by Tuesday Morning, located at 14303, 14621, 14601, 14639 Inwood Road and 4404 S. Beltwood Pkwy in Farmers Branch, Texas. The agreement also includes Tuesday Morning’s 105,000-square-foot headquarters, located at 6250 Lyndon B Johnson Freeway in Dallas. Stephen Williamson and Adam Graham of Lee & Associates represented the partnership on this transaction. “We are pleased to partner with Pennybacker to unlock value for Tuesday Morning, while significantly growing our urban industrial portfolio,” said Jessica Miller Essl, co-founder of M2G Ventures. “This transaction is an important milestone in M2G’s history, for Tuesday Morning, and the industrial market, collectively.” The 46.7-acre assemblage is located along Inwood Road within the 95 percent occupied Metropolitan Addison submarket. The site is located less than 20 minutes from both downtown Dallas and DFW International Airport, providing access to over 3.5 million people within a 30-minute drive-time. The buildings have clear heights in excess of 26 feet across the portfolio and are in immediate proximity to affluent growing areas including Addison, Richardson, Northwood Hills, Farmers Branch and Carrolton along with the Galleria shopping district. The size of this portfolio offers optionality and serves as one of the largest single-market urban industrial plays in recent news. “There is more to come in 2021, but this is certainly a historic moment for all and the market as a whole,” said Miller Essl.

REIT Acquires 14-Property Self-Storage Portfolio

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JLL’s capital markets team has closed the sale of a 14-property, 8,517-unit self-storage portfolio in markets including Austin, Dallas-Fort Worth, Houston, Minneapolis-St. Paul and St. Louis. JLL worked on behalf of the seller, The Jenkins Organization. National Storage Affiliates Trust purchased the assets. The facilities are located within or near dense population centers along major thoroughfares with excellent visibility and signage. The portfolio consists of six properties in and around Houston; three in the Austin MSA; two in Minneapolis-St. Paul markets and one each in Dallas, San Antonio and St. Louis. The JLL capital markets investment advisory team representing the seller was led by managing directors Steve Mellon and Brian Somoza, senior managing director David Berglund and vice president Blaise Tomazic. “This was a highly compelling, turnkey opportunity for an investor to acquire a well-occupied self-storage portfolio with upside,” Mellon said. “National Storage Affiliates Trust will be able to seamlessly integrate these properties into its already impressive roster of properties.” According to JLL’s Self Storage REITS Q3 2020 report, the national self-storage REITs appear to be recovering from the market slow-down caused by the COVID19 pandemic in the early part of 2020, with operating metrics returning to historic levels. Acquisition activity among the national self-storage REITs increased significantly during the third quarter of 2020, and third-party management platforms continue to grow among the national self-storage REITs.

NAI Partners Awarded 1.5 MSF Property Management Assignment

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NAI Partners’ landlord services division was awarded the property management assignment for the 1,453,615-square-foot 2200 South Business 45 industrial distribution center. Owned by Dart Interests, the property is located in Corsicana, Texas. NAI Partners’ property services team will manage the property, working in conjunction with NAI Robert Lynn’s industrial project leasing team. “Located on Business Highway 45 South, just minutes to I-45 and State Highway 31 with direct access to Dallas-Fort Worth and DFW International Airport, 2200 South Business 45 is an extremely well-positioned industrial distribution asset,” said Randall Tuller, senior vice president, Dart Interests. “Wanting to take advantage of the market’s industrial demand intensifying, we needed a property management and leasing team we knew and could trust to do an exceptional job leasing up and managing the project for us.” NAI Partners also leases and manages Dart Interests’ Republic Square, a 324,000-square-foot office building on a beautiful corporate campus adjacent to both BP’s Westlake campus and Terry Hershey Park, that was recently modernized and optimized. “We’re thrilled to be able to continue our great partnership with Dart Interests, and excited to deliver the exemplary level of property services expertise to 2200 South Business 45 that NAI Partners Landlord Services Division prides itself on,” said Jim Tainter, partner and managing director, NAI Partners landlord services division. The property sits on 139 acres in Corsicana and also contains 13,248 square feet of modern air-conditioned office space and offers lighted parking for 560 cars and 1,130 trailers. The site also has rail access served by Union Pacific on the property’s northwest boundary. The addition of 2200 South Business 45 brings the total amount of square feet leased and/or managed by NAI Partners’ landlord services division to over 16 million square feet.

Latest Warehouse Sale Suggests Investor Demand is Strong for DFW Industrial Assets

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JLL has closed the sale of Park 20, a fully leased, state-of-the-art, 468,300-square-foot Class A industrial warehouse in the Dallas-Fort Worth community of Lancaster, Texas. JLL worked on behalf of the seller, Huntington Industrial Partners. An affiliate of Lexington Realty Trust purchased the asset. Additionally, JLL leased the property for the seller. Park 20 features 32-foot clear heights, deep truck courts, 99 overheard dock doors, 56 dock packages, five drive-in doors, 48 trailer parking stalls, ESFR sprinklers, tilt wall construction and additional land that could be used for additional trailer stalls or as a lay-down yard. The building was completed in 2017 and is fully occupied by Petmate, a worldwide leader of pet products. Situated on 28.81 acres at 3201 N. Houston School Road, Park 20 is within the South Dallas Industrial submarket and has immediate access to multiple transportation arteries, including Interstate 35, 20 and 45. The JLL capital markets investment advisory team representing the seller was led by managing director Dustin Volz, senior director Stephen Bailey and analyst Zach Riebe. The JLL agency leasing team that worked on behalf of the seller included senior vice president Randy Touchstone and managing directors Terry Darrow and Craig Jones. The Dallas-Fort Worth industrial market has become recognized as one of the most robust and resilient areas across the county for industrial real estate. The fourth largest industrial market in the United States, JLL reports that DFW continued its record run of growth in 2020 and has more than 660 million square feet of product and a vacancy rate of 7.7 percent as of Q3 2020. Strong fundamentals and ongoing demand for space in the DFW market will continue to push rents higher along with new speculative construction well into 2021.