A California investor has made the latest North Texas industrial building buy — five buildings in Dallas, Mesquite and Garland. Dallas’ CanTex Capital sold the properties, which total almost 700,000 square feet.
The buildings were acquired by Shopoff Realty Investments, a 30-year-old property investment firm based in Orange County, California.
“We are proud to have completed this sale and outperformed investment expectations for our partners,” Romit Cheema, CEO of CanTex Capital, said in a statement. “We look forward to continuing to aggressively acquire, redevelop and reposition industrial assets throughout the Dallas-Fort Worth market.”
The just sold buildings are fully leased to six tenants.
The properties are at 11221 and 11333 Pagemill Road in Dallas, 2917 Oakland St. in Garland and 1515 Big Town Blvd. and 3914-3920 U.S. Highway 80 in Mesquite.
Jones Lang LaSalle’s Stephen Bailey, Dustin Volz, Dom Espinosa, Zach Riebe and Pauli Kerr coordinated the sale.
The Eastern Dallas County buildings are the latest recent such sale handled by JLL.
Seattle-based Lake Washington Partners just paid $47 million for Tradepoint 20/45, a recently built warehouse and distribution building on Cleveland Road south of Interstate 20.
Dallas-Fort Worth is the country’s fastest-growing industrial building market with almost 87 million square feet of space under development.