Purchased a 9 building business park totaling 180,000 square feet with over 40 tenant spaces in an infill D/FW location proximate to I-635 and the Dallas North Tollway. The park was purchased from 2 private out of the area owners who had maintained reasonable occupancy but poor property and asset management practices.

Purchased a single building totaling 108,502 square feet located in the Stoneridge Business Park in South Dallas, Stoneridge is a well established industrial park. The subject property had been used by the Air Force Exchange Services as a call center and data center and had been vacant for 2 years. It had been on the market for sale as an office building. This is an industrial area that does not have strong office demand.

Innovation Business Park presented a unique opportunity to acquire new “Class-A” industrial product at a competitive basis in a supply constrained and quickly growing North Austin submarket. Hutto was identified as an emerging market in the path of growth with access to critical transportation routes including I-35, SR-79 and SR-130. The combination of cross dock and rear load buildings provides the ability to cater to smaller unit sizes and was one of the only spaces in North Austin that can offer large blocks of space in excess of 100,000 sq. ft.

The property was acquired in 2 separate transactions from 2 different sellers in March and June of 2018. At the time of acquisition the property was passively managed by both Sellers with deferred maintenance and 30% vacancy, In place rents from the 44 tenant spaces averaged $8.31 per square foot industrial gross. The photo above is “Before”