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CARROLLTON, TX-The six-month-old Vintage Interests has taken the first two deeds, totaling 116,609 sf, for a $100-million, value-add industrial buying spree mapped out for Texas. The Dallas-based buyer is holding two more contracts for 460,000 sf in Fort Worth and Austin.

Vintage founder Rusty Perry tells GlobeSt.com that the off-market deals seed the portfolio with two fully leased assets in Carrollton–2310 McDaniel and 1115 Crowley drives–to deliver an immediate income stream that allows the buying of value-add properties to run its planned course. “It’s a nice cash-flow play with some built-in upside over the long haul,” he says. “We liked this opportunity because it gave us two cash-flowing assets to complement more value-add transactions that are in the pipeline.”

The McDaniel Drive pickup is a 65,409-sf warehouse leased on a triple net basis to NCR Corp. of Dayton, OH. The 4.6-acre property, developed in 1986, was bought from German investors, KS Properties 1994 Ltd. and WJW Properties Ltd.

The Crowley Drive acquisition is a 51,200-sf warehouse, which is triple net leased by MMD Holdings LLC as the main hub for Military Model Distributors Inc. The 27-year-old warehouse, situated on 2.36 acres, was sold by the Campbell Shaw Venture, led by Dallas-based Jackson Shaw Co. Mark Miller with NAI Robert Lynn Co. in Dallas represented the seller.

The back-to-back acquisitions cost north of $5 million. Perry says he’s hoping to spend another $30 million before the year ends, half of which will go into play with the next two closings. A 400,000-sf warehouse in Fort Worth is under contract as is a 60,000-sf one in Austin. And, he’s “actively pursuing” another half dozen properties in Vintage’s core key markets of Dallas/Fort Worth, Austin and Houston. The all-in plan is to accumulate $100 million of assets in the coming year.

Perry’s strategy is to zero in on off-market deals or one “that haven’t been fully exposed.” He says the Carrollton deals were brought to him by “brokers who were familiar with our program and the types of deals we’re trying to accumulate.” The plan is to build a portfolio of properties that aren’t on radar screens of institutional buyers. “The $3-million to $10-million deal is kind of the sweet spot for us although we’ll look at something larger,” he says.

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