Fort Capital Purchases 455K SF Of Industrial In Arlington
Fort Capital acquired 10 light industrial buildings in Arlington featuring 455K SF, pushing the Fort Worth-based investment firm closer to its goal of buying 5M SF of industrial assets by the third quarter of 2021.
The purchased portfolio consists of Class-B properties and is located in the Great Southwest submarket just south of Interstate 30 between Highway 360 and minutes away from the Dallas/Fort Worth International Airport.
The industrial portfolio sits on 22.5 acres, most of which is contiguous.
“This investment offered Fort Capital the opportunity to acquire an institutional quality portfolio at an attractive basis in a proven, high-growth, core infill location. We plan to add value through expert leasing, excellent management and physical improvements throughout,” Fort Capital Vice President of Investments Hunter Harrison said in a release.
Fort Capital launched an industrial buying binge in mid-2018 when it nabbed 600K SF of industrial space in DFW, and said at the time it was aiming to reach 2M SF by the third quarter of 2019.
Roughly 18 months later, the firm is well past the point of acquiring 2.5M SF in industrial assets and has now said it is aiming for 5M SF by Q3 2021.
The goal is to amass infill Class-B and Class-C industrial assets, which Fort Capital CEO Chris Powers said he views as having a tremendous upside, particularly in markets where urban infill is in high demand as development space dries up and e-commerce and developers looks for land and spaces inside urban hubs.