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 GlobeSt.com. 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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

 

GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.