ADDISON, TX-Copaken Brooks flexed the muscle of its just-created investment platform, Copaken Brooks Private Capital, to acquire the two-building, 137,200-square-foot Addison Tech Center portfolio. The Kansas City, MO buyer nabbed the 94.5%-leased industrial/flex asset, its first in Texas, from JFR Global Investment LLC, located in Brooklyn, NY.
A sales price on the buildings at 4355 and 4505 Excel Pkwy. was not listed. The Dallas Central Appraisal District assesses the asset at just under $10 million. On-site management and leasing will be handled by Holt Lunsford Commercial, also based in Addison. Joe Platt with Grandbridge Real Estate Capital assisted in arranging a loan with Guggenheim Commercial Real Estate Finance LLC.
According to Copaken Brooks vice president of acquisitions Dana Wolfe, Addison Tech Center represented the ideal investment, as it was a stable property with a strong tenant roster – the collection includes Schubert USA Leasing, First Industrial Realty Trust, Porter Lighting, Southwest Solutions Group, Authentix, Contemporary Research, and ThyssenKrupp Elevator. She tells GlobeSt.com that the buy is somewhat out of Copaken Brooks’ comfort zone, as it represents the company’s first industrial/flex asset.
“Most of what we own is retail and office and we are traditionally a real estate developer,” she goes on to say. The new platform will focus on investing in office, medical office and industrial/flex assets throughout the central United States, and Wolfe says she has her eye on other properties in Texas.
Addison Tech Center, which has one vacancy, was by no means a slam-dunk buy for Copaken Brooks. Wolfe says the property was widely marketed by Darrell Betts of Avison Young’s Houston office, and that it had attracted four good offers. “I’d dealt with Darrell before when I was (with Weingarten Realty Partners) in Houston,” she explains. “That relationship helped, as he knew we could perform.”