Property Advisers Realty has sold Westwood Business Park, a 227,709-square-foot industrial asset in Dallas after five years of ownership, per Yardi Matrix data. The seller is a joint venture between TriGate Capital and Finial Group, with the latter handling leasing and management of the property. The new owner took out an undisclosed loan amount from Inwood National Bank, according to Dallas County records.
Located at 1801 Royal Lane in Farmers Branch, Texas, the property was completed in phases in 1981 and 1983 on a 17.8-acre site. Westwood Business Park comprises 12 one-story buildings and includes 14-foot clear heights, 76-foot truck court depth and 2,000 square feet of retail space. The asset is less than 3 miles from Interstate 35E, a little more than 10 miles from the Dallas/Fort Worth International Airport and 13 miles northwest of downtown Dallas.
At the beginning of the year, TriGate Capital and TCOR Hotel Partners acquired Embassy Suites by Hilton Baltimore at BWI Airport in Linthicum Heights, Md. The joint venture secured a fixed-rate loan from a local bank to finance the purchase of the 251-key asset.