Purchases include two bulk warehouses and three land sites suitable for large industrial building development
(Dallas, Tex. – Jan. 3, 2012) Duke Realty Corporation’s (Duke Realty) Dallas office announces that the company has completed two acquisitions in the Dallas-Fort Worth area, adding two industrial buildings totaling 1,352,185 square feet and three parcels of land totaling 97.869 acres. The building acquisitions include Lakeside Ranch Building 20, a 748,831-square foot Class A bulk industrial building in Flower Mound, and Pioneer 161, a 603,354-square foot, Class A facility in Grand Prairie. Two of the undeveloped land sites – a 32.483 acre parcel and an 18.234 acre site – are located in the D/FW Airport submarket, and the other 47.152 parcel is in the South Dallas submarket.
Two separate transactions were involved in the total acquisition volume outlined above. The 748,831-square foot Lakeside Ranch building and 98 acres of land were purchased from Cousins Properties. The 603,354-square foot Pioneer 161 building was purchased from RREEF Real Estate.
“The acquisition of these industrial properties and land holdings is consistent with Duke Realty’s strategy to increase its investment in industrial assets in key distribution markets,” said Jeff Turner, Executive Vice President for Duke Realty’s South and West Regions. “The two bulk warehouses meet all of our requirements for location and building features, making them excellent additions to our local portfolio, while the land acquisitions provide us with strategic positions for future, large developments.”
“The purchase of these two industrial buildings has increased our holdings in two key Dallas submarkets, and the land we have acquired puts us in an excellent position to respond to clients’ needs for new, large blocks of space,” said Jeff Thornton, Senior Vice President of Duke Realty’s Dallas operations. “All of the land is located in prime industrial areas and, in total, will support the development of approximately 2 million square feet of new bulk warehouse space. Furthermore, the parcels in the D/FW Airport submarket allow us to continue to grow in our flagship submarket where Duke Realty already owns and manages approximately six million square feet of industrial space. The other parcel, which is located in Lancaster, is a prime site with frontage on I-35, the NAFTA Corridor. These land positions, coupled with our expertise in meeting the demands of bulk warehouse users desiring to build-to-suit a new facility, will enable us to efficiently serve businesses looking to expand in the Dallas-Fort Worth market.”
Speaking in regard to the transaction between Cousins Properties and Duke Realty, Jack Fraker, Vice Chairman and Managing Director for Investment Properties with CBRE, said, “Our team enjoyed the opportunity to work on this truly Class A property. Both the seller and buyer worked together in a highly professional manner to ensure a very successful transaction.”
Jud Clements, Managing Director with Holliday Fenoglio Fowler, commented on the transaction between RREEF and Duke Realty, “It was truly a pleasure working with these best in class institutional owners, and our team is extremely happy that we were able to help facilitate a successful transaction between these two parties.”
The Lakeside Ranch 20 building is located in Lakeside Ranch Business Park in Flower Mound and is 90.9 percent leased to two tenants, HD Supply Facilities Maintenance, a provider of maintenance repair and operations products, and Owens & Minor Distribution, a third-party logistics company for its parent company which distributes national name-brand medical and surgical supplies. Pioneer 161 is located in Grand Prairie with immediate access to Highway 161, which is currently under construction and will connect I-20 and I-30 upon completion. The building is 100 percent leased to Solo Cup, a manufacturer and supplier of paper and plastic disposable foodservice and food packing products.
Jack Fraker, Josh McArtor, Chris Riley, Frank Fallon and Brian Budnick with CBRE marketed Lakeside Ranch Building 20 and the three land parcels on behalf of Cousins Properties.
Jud Clements, Randy Baird, Robby Rieke and Nick Cassavechia with Holiday Fenoglio Fowler marketed Pioneer 161 on behalf of RREEF. Duke Realty represented itself in both of the transactions.
About Duke Realty
In the Dallas-Fort Worth area, Duke Realty owns, manages, or has under development more than 16 million square feet of industrial and healthcare properties and has strategic land positions available for future development. Duke Realty’s local offices are located at 14241 N. Dallas Parkway, Suite 1000.
On a nationwide basis, Duke Realty owns and operates approximately 143 million rentable square feet of industrial and office assets, including medical office, in 18 major U.S. cities. Duke Realty Corporation is publicly traded on the NYSE under the symbol DRE and is listed on the S&P MidCap 400 Index. More information about Duke Realty is available at www.dukerealty.com.