Sentinel Capital has sold KONE Industrial Facility, a two-building, fully leased complex totaling 144,128 square feet in Allen, Texas. Dallas-based senior housing developer, Tradition Senior Living, acquired the single-tenant industrial and research space in the North Dallas suburb. JLL Capital Markets worked on behalf of the seller.
The new owner secured a $14.9 million acquisition loan originated by Great Southern Bank, according to Collin County records. The full-building tenant, KONE, an international elevator and escalator provider, will continue to occupy the buildings over the next five years. The 2016-built complex is used for processes, such as project engineering and R&D, while it also serves as a supply operations hub for the Americas.
The mixed-use facility sits on more than 6 acres at 460-500 Century Parkway and includes a 121,852-square-foot industrial component and a seven-story research building with an office space totaling 22,276 square feet. The industrial building features a 28-foot clear height, four dock-high doors and a single drive-in door.
KONE Industrial Facility is less than a mile away from Highway 75, within 6 miles of State Highway 121 and some 7 miles from State Highway 190. Downtown Dallas is roughly 25 miles southwest.
DFW industrial sector
The thriving industrial sector continues to attract investors, along with e-commerce and logistics tenants, to the Metroplex. According to JLL data, due to increased demand, 37.3 million square feet of industrial space has been absorbed in 2021, a 53.4 percent boost compared to the previous year.
In the fourth quarter of 2021, Dallas-Fort Worth remained in the nationwide lead, with 40 million square feet of industrial space underway. Recently, Urban Logistics Realty announced plans to develop a 440,663-square-foot industrial park in Denton, Texas. Meanwhile, as a first time developer in the metro, TRG, is set to build a 1.6 million square-foot complex dubbed CORE45 in Wilmer, Texas.