BGO, Alliance Acquire Fort Worth Logistics Asset
Stream Realty developed the property in 2020.
A joint venture between BGO and Alliance Industrial Co. has acquired Northwest Commerce Park Building 2, a 266,152-square-foot industrial property in Fort Worth, Texas.
The off-market transaction was BGO’s fourth acquisition for its U.S. industrial value-add strategy and the first in Dallas–Fort Worth for Alliance Logistics Fund I.
The transaction’s dollar amount was not disclosed, and neither company responded to Commercial Property Executive’s request for comment. The seller was not officially disclosed, but Yardi Matrix indicates that the previous owner was Nutri-Bon Distribution. Stream Realty developed the building alongside Morgan Stanley in 2020.
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The single-story, front-load distribution facility was completed in 2020 and features 32-foot clear heights, 51 dock-high doors, two drive-in doors, a 185-foot concrete truck court, 46 trailer stalls and 135 parking spaces.
The 16.4-acre site is at 2765 Highway 114 in the Northeast Tarrant/Alliance industrial submarket. The location provides direct frontage on State Highway 114 with access to Interstate 35W. In addition, the property is near key transportation and logistics infrastructure, including BNSF’s Alliance Intermodal facility and Perot Field Fort Worth Alliance Airport.
Another Texas deal for BGO came in June, when the firm and JV partner Harbor Capital acquired two warehouses totaling 299,520 square feet at Heritage West Industrial Park, in Katy, Texas, near Houston. The assets were fully preleased as of the off-market transaction’s closing.
Ongoing strength in DFW
The Dallas-Fort Worth industrial space market continues to exhibit strong leasing activity and declining vacancy, driven in part by data center investment, bulk logistics leasing and manufacturing expansion, according to a second-quarter report from Matthews.
In Fort Worth specifically, overall industrial vacancy is 7.5 percent, a slight uptick from the first quarter, because of a surge of new deliveries coming online. About 9.5 million square feet is under construction.
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