Nearly 300K-SF Six-Property Industrial Portfolio Sells to Bendetti
A six-property shallow bay industrial portfolio totaling 289,225 square feet recently sold to the Bendetti Company. The assets are located in prime infill sites throughout the Dallas-Fort Worth metro area.
JLL represented and marketed the portfolio on behalf of the seller, Cantrex Capital. The Bendetti Company acquired the assets from CanTex after going through a competitive process.
Additionally, working on behalf of the new owner, JLL placed the three-year floating-rate loan with Bridge Investment Group. The JLL team representing the seller was led by Dustin Volz, Stephen Bailey and Matthew Barge.
The portfolio is 82 percent leased to seven tenants with a weighted average lease term of more than six years. The portfolio comprises properties at 1209 Round Table, 4924 Woodall St. and 8517 Directors Row in Dallas; 4901 Beach St. in Ft. Worth; 924 111th St. in Arlington and 1609 109th St. in Grand Prairie. Completed between 1958 and 1981, the buildings are situated on 21.5 acres. All six properties are within DFW’s most coveted infill industrial submarkets, Brookhollow, GSW and North Fort Worth.
“This portfolio sale marks our first full cycle value-add with lease-up and is a subset of the industrial properties that we are continuing to aggressively acquire and value-add throughout Dallas/Fort Worth,” said Romit Cheema, CEO of CanTex Capital.
Vintage shallow bay product (pre-2000) within the DFW industrial market has consistently outperformed bulk industrial product, with stable occupancy averaging 95 percent since 2010.
“Dallas/Fort Worth is a dynamic market with strong fundamentals and tremendous growth potential,” said Aaron Weaver, CFO of the Bendetti Company. “With this acquisition, we are excited to be entering a new market and we seek additional assets in the Dallas/Fort Worth metro area that are well-aligned with our ongoing investment strategy.”