Avison Young commercial real estate services firm has negotiated the sale of a five-building, 1-million-square-foot portfolio in Texas, Oklahoma and Kentucky.
The buildings, sold on behalf of Timmons Realty, are fully leased to Victory Packaging, which was recently acquired by Kapstone Paper and Packaging. The buyer was Industrial Property Trust.
Financial terms were not disclosed.
“Investors continue to have a strong appetite for well-leased buildings in strong industrial markets,” said Erik Foster, a principal with Avison Young’s national industrial capital markets team, commenting in a news release.
“This portfolio allows the buyer to leverage the strength of the industrial distribution sector across several high-profile markets, a factor that should bring enhanced value over the long term,” Foster said.
The portfolio’s five buildings are:
· A 327,733-square-foot building located at 15101 Grand River Road in Fort Worth. Built in 2014, the structure has 15,000 square feet of office space, 32-foot clear-height ceilings and 25 dock doors.
· A 190,565-square-foot building located at 302 West Road in Houston. Built in 2014, the building has 7,000 square feet of office space, 24-foot clear-height ceilings and 24 dock doors.
· A 247,861-square-foot building located at 1610 Cornerway Blvd. in San Antonio. Built in 1990 and renovated in 2003, the property has 28,000 square feet of office space, 28-foot clear-height ceilings and 34 dock doors.
· A 150,000-square-foot building at 7400 Trade Port Drive in Louisville, Ky. Built in 2009, the building has 4,042 square feet of office space, 26-foot clear-height ceilings and 20 dock doors.
· An 80,400-square-foot building at 4949 Southwest 20th St. in Oklahoma City. Built in 2000, the property has 3,720 square feet of office space, 20-foot clear-height ceilings and 12 dock doors.
· A 327,733-sf building located at 15101 Grand River Road in Fort Worth, TX. Built in 2014, the building has 15,000 sf of office space, 32-foot clear-height ceilings and 25 dock doors.
Victory Packaging is a global packaging solutions firm with more than 6 million square feet of warehouse space across the U.S.
Avison Young’s national industrial capital markets team in Chicago completed the sale of the fully leased packaging and distribution facilities. The team is led by principals Foster and Mike Wilson, as well as principals Todd Mason and Jeff Lindenberger, with Senior Associate Andrea Gardner in Houston; principal and Managing Director Marshall Davidson, along with Senior Associate Tate Hinkelman in San Antonio; and Principal Buddy Turner in Dallas.