Fort Capital said it has closed on the sale of the 12-building, light Class B industrial portfolio totaling 582,803 square feet in Arlington.
The portfolio included 109th Street Business Park (414,724 square feet); 2821 East Randol Mill (40,000 square feet); 1170-1180 109th Street (93,079 square feet); and 3016-3030 Avenue East (35,000 square feet).
"The portfolio includes a diverse range of tenants and was 77% occupied at the time of the sale," Fort Capital said.
"The assets are situated in a highly coveted infill location with direct access to DFW International Airport via Highway 360 and both Dallas and Fort Worth CBDs via Interstate 30. Additionally, the sale presented a rare opportunity to acquire 28.75 acres, 20 of which are contiguous, in an extremely high-barrier-to-entry submarket with little-to-no developable land and robust leasing demand."
“This is our second time to package our Class B industrial infill assets into a larger portfolio that attracts interest at an institutional level,” Jason Baxter, CEO and president, said in the announcement.
“This depleting and irreplaceable asset class continues to gain tailwinds due to high demand with the rise in e-commerce and tenant demand, and our plan is to continue capitalizing on it.”
In late 2020, Fort Capital, which has shifted to a focus on industrial real estate investments and away from ground-up development, sold its first portfolio - 18 buildings totaling over 600,000 square feet. "We are aggressively seeking opportunities to acquire Class B Industrial assets between $5M and $75M throughout the state of Texas," the company said.