A recently developed and fully leased industrial development has sold in Roanoke, a fast-growing suburb in the Dallas-Fort Worth market.
Los Angeles-based firm Cohen Asset Management recently closed the sale of the HWY 114 Distribution Center, a newly-built 568,632 square foot facility on undisclosed terms.
The developed opened in 2021 and is 100 percent leased to UNIS, a third-party logistics provider based in Buena Park, California.
The deal gives Cohen Asset Management over 7 million square feet currently under management in Texas, said Jason Haas, the firm’s co-chief investment officer, in a release.
The Dallas-Fort Worth area is one of the company’s target markets listed on its website. The logistics scene in Dallas has remained hot this year, especially in submarkets such as Southern Dallas where Property Reserve bought a newly developed project of more than 1 million square feet in July.
Blackstone is investing over $35 million worth of renovations to a 2 million square foot warehouse in Southern Dallas, a once-neglected submarket of the region.
The Roanoke property sits on 68.6 acres at 1230 W Highway 114 and is situated two miles east of the intersection of Interstate 35 and State Highway 114.
The HWY 114 property hosts several cross-dock building features, including 119 dock doors, 36’ clear heights, and 229 parking spaces, and is only 14 minutes from Dallas-Fort Worth International Airport.
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[Bloomberg] — Holden Walter-Warner