Fort Worth-based Fort Capital has picked up another 600K SF industrial space in the Dallas-Fort Worth area, hitting an intermediate goal on the way to a 2M SF portfolio.
The new acquisition, 4040 Forest Lane in Garland, is 94% leased. The site was originally the Navistar International truck manufacturing plant, which employed more than 900 people before it closed in 2013. It has 27 acres of concreted outside storage and trailer parking. Fort Capital has retained TIG to lease it up.
The purchase represents Fort Capital’s biggest industrial acquisition to date, bringing its industrial portfolio to just over 1M SF. Fort Capital has another 250K SF under contract to close in Q3 2018. It was formed one year ago and aims to have purchased 2M SF by Q3 2019.
“This acquisition marks a big day for Fort Capital — it shows our commitment to establishing a best-in-class industrial platform. We are very focused on the B class industrial market and believe DFW and Texas provide the right markets for the assets to flourish for many years to come,” Fort Capital Managing Director of Industrial Sarah LanCarte said.
CBRE's Q1 overview of Texas industrial activity shows a 90-day net absorption of 2M SF of industrial space, much of it in Houston. Dallas-Fort Worth led in construction, but with a much smaller margin than in previous quarters.
