A Pacific Northwest property investor has grabbed a southern Dallas industrial building just months after the property previously sold.
Seattle-based Lake Washington Partners acquired the Tradepoint 20/45 property — a recently built warehouse and distribution building on Cleveland Road south of Interstate 20.
The big warehouse was developed by Dallas’ Champion Partners and opened in early 2022.
Syosset, N.Y.-based Blumenfeld Development Group acquired the building back in August, county records show. The purchase was made with Declaration Partners of New York.
Now Blumenfeld Development has sold the building for $47 million in a deal handled by Jones Lang LaSalle’s capital markets division.
Founded in 2006, Lake Washington Partners is a family-owned commercial real estate investor and developer with office and industrial properties across the United States.
The Tradepoint 20/45 building is Lake Washington Partners’ third acquisition in the Dallas area.
“We have invested in industrial real estate for generations, and we’re thrilled to be growing our portfolio within the strong and enduring Dallas industrial market,” company president Jordan Lott said in a statement. “The fundamentals of the Texas market are strong, with its low vacancy and strong support of the business community.
“We’re excited to expand our footprint with the purchase of another premier industrial property.”
Jones Lang LaSalle’s Dustin Volz, Stephen Bailey, Adam Citron, Dom Espinosa and Zach Riebe coordinated the sale.
The warehouse’s developer, Champion Partners, is also building a warehouse in Wilmer in partnership with investor Rosewood Properties. The 610,000-square-foot Tradepoint45 East building is being built near Interstate 45.
And Champion Partners is working on a second almost 1.4 million-square-foot warehouse on North Sunrise Road in Wilmer.
Southern Dallas County is Dallas-Fort Worth’s hottest industrial building market, with more than 20 million square feet of construction underway.
And D-FW is the country’s biggest industrial development market, with about 70 million square feet of space in the pipeline.
