DALLAS—During the past three years, Fort Capital has established itself as an aggressive purchaser of class-B industrial assets that capitalizes on market and capital improvements. Following that strategy, Fort Capital recently closed the sale of an 18-building light industrial portfolio totaling 606,889 square feet across the Dallas-Fort Worth market.
"We continue to be focused on acquiring class-B multi-tenant light industrial assets in core markets across Texas," said Chris Powers, Fort Capital founder and CEO. "Texas continues to be a hot spot for industrial as proven by rental rates increasing even during a global pandemic. This asset class offers a robust tenant base across a variety of industries, and the demand continues to grow while the supply is shrinking, making it an attractive investment."
The portfolio includes a diverse range of tenants and was 95% occupied at the time of the sale. Each property has access to the DFW metroplex through a variety of thoroughfares including Interstate 35, Interstate 635, Interstate 20 and Interstate 30.
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"Our strategic purchases and aggressive asset and property management approach is how we've found success in a very competitive industrial market," said Hunter Harrison, Fort Capital vice president of investments. "We are eager to continue acquiring and operating these institutional-quality assets in strong infill markets with high barriers to entry."
"Fort Capital continues to target class-B industrial investment opportunities based on several strong tailwinds, including it being a depleting asset class with growing tenant demand, last-mile locations offering close rooftops and necessary infrastructure, i.e. highways, rail and offering a sticky tenant base with predictable CapEx," Powers tells GlobeSt.com. "The rise in e-commerce has made true last-mile locations more important than ever, therefore making this asset class increasingly sought after and an attractive investment opportunity."
CBRE Research reports that third quarter 2020 marked the 40th consecutive quarter of positive net absorption in the Dallas-Fort Worth industrial market. Quarterly absorption totaled 6.7 million square feet, bringing the year-to-date absorption total to 14.9 million square feet in the first three quarters of 2020. These numbers put Dallas-Fort Worth on pace for the fifth consecutive year of more than 20 million feet of annual industrial absorption says CBRE.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
