Cohen Acquires New DFW Logistics Asset

Completed in 2021, the property benefits from the area’s strong demand for Class A infill industrial product.

1230 W. Highway 114, Roanoke, Texas

1230 W. Highway 114. Image via Google Street View

Cohen Asset Management Inc., of Los Angeles, has acquired a recently constructed 568,632-square-foot Class A logistics facility in Roanoke, Texas, in the Dallas–Fort Worth metro.

The property, on a 63.1-acre site at 1230 W. Highway 114, is fully leased to what Cohen described as a nationally recognized third-party logistics provider on a long-term lease.

The seller and purchase price were not disclosed, and Cohen did not respond to Commercial Property Executive’s requests. However, information from CommercialEdge indicates that the previous owner was Provident Realty Advisors, of Dallas, and that the property was completed in 2021, subject to a September 2020 loan of about $21.9 million, presumably construction financing.

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CommercialEdge also reported that 50,000 square feet of the building remains unoccupied and is being offered by Cubework.

In a prepared statement, Jason Haas, Cohen’s co-chief investment officer said that the property is well-positioned to benefit from the continued supply/demand imbalance—both from investors and occupiers—that exists for Class A industrial and logistics properties in prime, infill locations.

Steady performance

The Dallas–Fort Worth industrial market had a record year in 2021 and has just enjoyed its 47th straight quarter of positive net absorption, according to a second-quarter report from Texas-based CRE firm Holt Lunsford Commercial.

“Continued tenant demand is evident as shown with strong leasing activity numbers through mid-year as compared to previous years,” the report notes.

Given its Southern California roots, Cohen’s recent attention to hot, high-growth climates is only natural. In January, the company acquired a 405,656-square-foot industrial park in metro Phoenix for $71 million.

In June, Cohen purchased a much larger facility in the same metro, a newly completed, 862,622-square-foot logistics property in Buckeye, Ariz., that’s fully occupied by toy maker Funko.

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