Bixby Capital Administration has bought a 533,632-square-foot, Class A industrial portfolio in Mesquite, Texas. Huntington Industrial Companions beforehand owned the three-building park, CommercialEdge information reveals.
CBRE brokered the deal and secured the financing on behalf of Bixby Capital. PCCP LLC supplied an acquisition mortgage, in line with public data.
The client closed the acquisition on behalf of Bixby Industrial Fund I—which closed this Might with fairness traders resembling Goldman Sachs and Ares Administration Actual Property. By way of the identical fund, Bixby recapitalized 5 industrial properties with a $200 million observe earlier this yr.
READ ALSO: Dallas Industrial Funding Sees Surge
Huntington broke floor in December 2022 after securing a $35.5 million building mortgage from Simmons Financial institution, CommercialEdge information reveals. One yr later, the three buildings got here on-line. On the time of its sale to Bixby, the economic campus was 78 p.c leased to 2 tenants.
The park features a 241,512-square-foot, cross-dock facility and two front-load buildings measuring 117,260 and 174,860 sq. toes. The campus has a complete of 48 dock doorways and its amenities have 32-foot clear heights. All through the park, 386 car- and 99 trailer-parking spots can be found whereas the truck court docket depth ranges between 130 and 200 toes.
The 42.4-acre campus is at 1420, 1204 and 1110 Navy Parkway, roughly 2 miles from Interstate 635 and a few 4 miles from U.S. Route 80. The Mesquite Metro Airport operates greater than 5 miles east of the economic park, whereas downtown Dallas is a few 13 miles west.
The CBRE staff which brokered the deal included Nationwide Companions Vice Chairman Randy Baird, Govt Vice Presidents Jonathan Bryan, Ryan Thorton, in addition to Nathan Wynne, amongst others. CBRE Govt Vice President Scott Lewis alongside Vice President Matt Ballard secured the financing on behalf of Bixby.
The Metroplex ranks first for industrial gross sales quantity
Dallas-Fort Value traders traded almost $3 billion in industrial belongings year-to-date by means of August, probably the most out of any metro this yr, the most recent CommercialEdge industrial report reveals. Greater than 24 million sq. toes modified arms, at a median of $138 per sq. foot—barely above the $132 nationwide determine.
Final month, Stonepeak closed on two industrial belongings totaling 1.1 million sq. toes within the Metroplex. Institutional traders suggested by J.P. Morgan Asset Administration offered the belongings. One other current notable deal was DRA Advisors’ buy of an eight-building portfolio in Plano, Texas. Hyperlink Logistics offered the absolutely leased belongings.
