Naples, Florida-based Keating Resources, a real estate, logistics, agriculture and energy asset firm, has jumped into the Dallas-Fort Worth market with the purchase, off market on August 29, 2019, of a 136,400 square foot distribution center on 6.5 acres located at 1242 Regal Row in the Brookhollow Tech Park in Dallas. Keating Resources purchased the property from Dallas-based Humanetics and leased the entire facility to Houston-based Lonestar Electric Supply. The building has been occupied by Mary Kay for the last 8 years.
Gerard Keating, CEO of Keating Resources, said he plans to buy 1,000,000 square feet of value add infill industrial in the Dallas-Fort Worth market in the next 60 months. The company bought 10 vacant distribution centers in urban Tampa totaling 1,000,000 square feet in the last 48 months bringing all to 100% occupancy along with a vacant 510,000 square foot distribution center located in urban Miami bringing it to 100% occupancy
Bill de la Chapelle and Sharon Cramer with Rubicon Representation represented Humanetics for the sale and Mark Miller, SIOR with NAI Robert Lynn represented Lonestar for the lease. Jeremy Mercer and Turner Peterson with Mercer Company represented Keating Resources for the acquisition and lease. Pinnacle Bank provided Keating Resources financing for acquisition.
Keating stated that based on location to population, major employers, and technology-enabled infrastructure including 9 different fiber carriers, the 890 buildings located in the 49 million square foot Brookhollow Tech Park, located between I-35 and I-30, may be the most undervalued industrial park in Texas. He predicted values on a per square foot basis will reach the same level as those in the adjacent Design District and Medical District within 60 months.