Fort Capital announced July 6 it has closed the sale of a 12-building, light Class B industrial portfolio totaling 582,803 square feet in Arlington.
The portfolio included 109th Street Business Park (414,724 square feet), 2821 East Randol Mill (40,000 square feet), 1170-1180 109th Street (93,079 square feet), and 3016-3030 Avenue East (35,000 square feet).
The portfolio includes a diverse range of tenants and was 77% occupied at the time of the sale. The assets are situated in a highly coveted infill location with direct access to Dallas Fort Worth International Airport via Highway 360 and both Dallas and Fort Worth CBDs via Interstate 30. Additionally, the sale presented a rare opportunity to acquire 28.75 acres, 20 of which are contiguous, in an extremely high-barrier-to-entry submarket with little-to-no developable land and robust leasing demand.
“This is our second time to package together our Class B industrial infill assets into a larger portfolio that attracts interest at an institutional level,” said Jason Baxter, CEO & President. “This depleting and irreplaceable asset class continues to gain tailwinds due to high demand with the rise in e-commerce and tenant demand due to population growth, and our plan is to continue capitalizing on this investment strategy.”
In late 2020, Fort Capital sold their first portfolio of 18 buildings totaling over 600k square feet. Over the past three years, Fort Capital has established itself as an aggressive purchaser of Class B industrial assets with the ability to capitalize on market and capital improvements to unlock maximum value for investors.
In addition to the portfolio sale, Fort Capital also just acquired two additional Class B industrial assets totaling 354,421 square feet. Airport Commerce Park, located in Houston, Texas, consists of 17 buildings. Manana Plaza, located in Dallas, consists of two buildings. Both assets are in irreplaceable last-mile locations with diversified tenant bases.