$48M Wins 1M-SF Industrial Portfolio

DALLAS-Marking its first purchase this year in Dallas/Fort Worth, Rreef has picked up more than 1.3 million sf in eight industrial buildings in two parks from the Hawaii-based Estate of James Campbell. Word is the seller got nearly $48 million in cash for the class A portfolio.

A one-month marketing generated 25 offers for a package with five buildings in CentrePort Business Park and three in Valwood Industrial Park, says Jack Crews, senior vice president and director of investment sales for Trammell Crow Co. in Dallas. He tells GlobeSt.com that the San Francisco-based Rreef was the top bidder for a now 86%-leased portfolio with 14 tenants, a roster with few immediate lease rolls and “good step-ups in the rent” on the horizon.

The Estate of James Campbell, a 101-year-old private trust, owned the debt-free properties for five years. The plan is to reinvest the capital into markets where it has a higher concentration, according to Crews. “As a buyer, they saw the market was hungry for this kind of product,” he explains of the decision to hawk a 20%-empty package with a no-minimum ask.