ARLINGTON, TX-In an off-market deal, an investment group from Santa Monica, CA has taken title to 332,500 sf of warehouse product in Tarrant and Dallas counties. Sources say the 19-building package changed hands for close to $10 million.

MRI Economy scooped up a 65%-leased portfolio, with three of the four properties buildings positioned in the 2700 block of South Cooper Street in Arlington, from Economy Business Parks Ltd., a Tel Aviv-based investor who acquired the properties three years ago, Cary Krier, senior vice president for Colliers International Property Consultants Inc. in Dallas, tells The mid-1980s Economy Business Parks’ portfolio contains 98 tenants, many of who recently were converted to three-year leases from month-to-month arrangements, he adds. The lone Dallas County building is 3201 Military Parkway in Mesquite.

Krier says the Santa Monica buyer of only industrial product was looking for some time to break into the market so it was the logical first call when the acquisition opportunity arose. The inroad is single-story buildings without deferred maintenance. Along with the trade, Colliers’ Matt Thompson opened an on-site office to oversee leasing and management, which previously was single-handedly handled by Ron Emert of First Fidelity in Garland. The industrial space is quoted at $4 per sf to $5 per sf net.

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