BREAKING: NY-Based Lightstone Nabs 649K SF Manufacturing And Logistics Hub In Garland
Real estate investors nationwide continue to fuel Dallas-Fort Worth's industrial buying spree.
The latest purchase is New York-based Lightstone's acquisition of 4040 Forest Lane in Garland, a 649K SF, four-building manufacturing and distribution complex located in the East Dallas suburb.
DFW industrial assets remain in high demand with the market absorbing 22M SF in 2020, according to JLL data.
That's in line with the 20M SF annual absorption pace the DFW market has recorded every year since 2014. Demand also is fueling construction with DFW producing more than 32M SF in new industrial space last year, about 70% of it speculative.
This latest purchase gives Lightstone a 40-year-old industrial/manufacturing asset that is 97% leased to retail and logistics tenants. The facility has 12- to 40-foot clear heights, 40 loading docks, 18 overhead doors, six drive-in doors and parking for trucks and vehicles.
The Forest Lane property sits on 47 acres in the key DFW industrial market of Garland and is considered coveted infill industrial after going through extensive renovations four years ago, JLL said in a press release.
JLL Capital Markets assisted Lightstone by procuring a $14.4M loan to finance the recent Garland purchase. Lightstone bought the property with a seven-year, fixed-rate loan tied to RGA Reinsurance Co. JLL debt placement team Peter Rotchford, Cullen Aderhold, Alex Staikos, Ross Crawford and Bo Beidleman helped the buyer secure financing for the purchase this month.
The rapid acquisition of assets near DFW thoroughfares continues Metroplex-wide as e-commerce delivery demand escalates. JLL estimates e-commerce sales will hit $1.5 trillion nationally by 2025, pushing demand for industrial properties to approximately 1B SF.
Dallas-based real estate investment firm CanTex Capital also said this month it acquired a 123K SF industrial asset at 2917 Oakland St. in Garland.
The firm bought the property to accompany the value-add warehouse it purchased in the same area at 2900 West Kingsley Road last month, Stream Realty Partners announced.