GARLAND, TX-Westmount Realty Capital LLC has bought the 1.13-million-square-foot Garland Business Park from a Southern California seller. The Dallas buyer will rebrand the industrial property, calling it Garland Logistics Park.
Once the distribution facility for wholesale food distributor Fleming Companies Inc., the asset, situated on 66 acres of rail-served land at 2600 McCree Rd., contains three buildings. Approximately 40% of the industrial property is refrigerated.
According to a press release detailing the transaction, the asset is 70% occupied with regional and national tenants that are in the food distribution industry. Though the buildings have been renovated, Westmount plans to invest approximately $12 million in interior and exterior improvements, as well as dedicating some of the funds to lease up the remainder of the space.
“We acquired a nearly identical vacant, 1.1-million-square foot industrial complex in Charlotte, NC in June 2006 and, even through the US recession, have leased over 990,000 square feet to an occupancy level of 93%," said Clifford A. Booth, Westmount CEO and president in the press release. "Our plans for Garland Logistics Park will employ similar management and leasing strategies, and we have some tenant prospects from Charlotte to potentially land in Dallas.”
David Sours, Kevin Kelly and Jack Fraker of CBRE represented the seller in the transaction. Sours and Kelly will be the leasing brokers for the industrial property. Representatives involved with the transaction were not immediately available for comment.
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