The Bendetti Co. Acquires Dallas Industrial Portfolio

August 6, 2021

Industrial Dallas Investment NewsMoreSouth

The collection comprises 290,000 square feet in six properties across the Metroplex.

4901 N. Beach St. Image courtesy of JLL

CanTex Capital has sold a six-property shallow bay industrial portfolio comprising 289,225 square feet in infill locations throughout the Dallas-Fort Worth metro area. The Bendetti Co. purchased the collection, with Bridge Investment Group providing a three-year, floating-rate acquisition loan for the new owner.

The six assets were developed between 1958 and 1981, include clear heights ranging from 14 to 23 feet, 35 dock-high doors, 18 percent average office finish, a mixture of rear- and front-loading and cross dock configurations, six drive-in doors, as well as ample parking. The portfolio is 82 percent leased to seven tenants and features a weighted average lease term of more than six years.

Spread across 21.5 acres, the six properties are located as follows:

1209 Round Table, 4924 Woodall St. and 8517 Directors Row in Dallas;
4901 N. Beach St. in Fort Worth;
924 111th St. in Arlington, Texas;
1609 109th St. in Grand Prairie, Texas.

JLL Senior Managing Director Dustin Volz, Managing Director Stephen Bailey and Analyst Matthew Barge worked on behalf of the seller, while Managing Director John Chun, Directors Peter Thompson and Jarrod McCabe, Associate Samuel Godfrey and Analyst Jordan Leake represented the buyer.

No stopping Dallas-Fort Worth industrial

Dallas-Fort Worth industrial is displaying healthy fundamentals, with the market continuing to break records. The metro sports the country’s largest industrial pipeline and, despite steady completions, average rents were up 3.5 percent year-over-year through June, CommercialEdge data shows.

What’s more, the metro’s vintage shallow bay product from the pre-2000 period has consistently outperformed bulk industrial product, according to a JLL release about the sale. The segment also displayed stable occupancy averaging 95 percent in the past decade, outstanding historical rent growth and reliable leasing velocity, the release adds.