Investor snaps up industrial buildings in Irving and Allen
A Dallas investor has purchased two North Texas industrial buildings – one in Irving and another in Allen.
The two buildings total more than 175,000 square feet and were bought by investor BRI RCIP LLC, according to deed records. Marcus & Millichap arranged the sales.
The properties were the Royal Cornerstone building at 8600 North Royal Lane in Irving and the Cornerstone Crossing building at 1300 North Central Expressway in Allen.
Built in 1997 and 2000, the properties were sold by a Texas investor.
“By highlighting strong property locations, below-market rents, and no default tenants, we were able to manage buyer expectations during a health pandemic,” Marcus & Millichap’s Sam Martin said in a statement.
Martin and Marcus & Millichap’s Adam Abushagur brokered the sale.
“Despite obstacles faced due to the coronavirus shutdown, we closed two weeks early,” said Abushagur.
North Texas industrial properties have been in demand this year with the increase in distribution needs caused by the COVID-19 pandemic. Dallas-Fort Worth had almost 4 million square feet of net industrial building leasing in the most recent quarter.
Full Article: Dallas News