Irvine, California-based LBA Realty has acquired two warehouse/distribution facilities and an office building in Coppell from affiliates of Transpacific Development Company of Torrance, California. John Huguenard, international director, and Dustin Volz of JLL’s Capital Markets team brokered the sale.
“DFW is one of the strongest industrial markets in the country right now, and there was strong investor interest in this portfolio because of its scale, strong in-place cash flow, tenancy and location,” said Huguenard.
The portfolio totals 578,400 square feet and consists of two institutional-quality distribution properties and one office building within one mile of each other. 500 Airline Drive is a 409,600 square foot distribution warehouse, which is connected to 510 Airline Drive, a 53,600-square-foot, two-story office building, via an elevated walkway. 217 Wrangler Drive, at 115,200-square-feet, is a warehouse/production facility. The buildings are all 100 percent leased, with over 50 percent of the in-place income from A-rated credit tenants. There is the potential to add up to 102,400 square feet of additional warehouse space to 500 Airline Drive, according to JLL.