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The portfolio consists of 17 fully stabilized properties spanning nine US markets: Dallas/Fort Worth, eastern Pennsylvania, Nashville, Cincinnati, Jacksonville, Columbus, Chicago, Las Vegas and Austin.
The deal for the 96,000-square-foot complex within the East Gate Business Park was reported by Colliers International's Mount Laurel office, which represented the seller.
At the NAR conference, Ken Rosen said the current trade war with China is having an impact, along with a number of tech companies showing revenue but no profits, manufacturing in decline and many countries in recession.
Occupying a critical point in the supply chain, industrial facilities are often among the first to reflect substantive shifts in the market or in consumer preferences.
The space in Frisco's Star Corporate Center offers a good tenant solution, given industrial land is very scarce in the northern suburbs and proximity to major industrial markets is a significant distance.