A California investor has grabbed a Grand Prairie business park with help from a $23.4 million funding package.
The DFW Corporate Park on State Highway 360 includes 22 industrial buildings with warehouse, office and showroom space.
The more than 211,000-square-foot property was acquired by California-based GPR Ventures, which owns investment properties in California, Nevada, Utah, Idaho, Oregon, Washington, Oklahoma and Texas. It’s just the latest warehouse project sold in North Texas this year.
Commercial mortgage banking firm Gantry Inc. arranged debt and equity funding for the Grand Prairie purchase.
“The value-add nature of this acquisition, coupled with the current market’s rate volatility and subsequent pullback from banks and other traditional relationship lenders was challenging,” Gantry’s Braden Turnbull said in a statement. “We helped our client-sponsor navigate these conditions.”
Buyer GPR Ventures also owns three Texas industrial properties in Midland.
Dallas-Fort Worth is one of the country’s top industrial building investment markets with more than $2.85 billion in properties changing hands in the first three quarters of 2023.
