USAA Real Estate, Red Tail Acquisitions Increase Dallas-Fort Worth Industrial Portfolios
- Sep 11, 2014
USAA Real Estate Co. has just completed the acquisition of a Class A bulk distribution portfolio comprising I-85, a 744,000-square-foot warehouse, and the 758,922-square-foot Dalport Trade Center. The former is located in Union City, Ga., while the latter is in Wilmer, Texas, within the South Dallas submarket.
Developed in 2008 by First Industrial, the Dalport Trade Center is a cross-docked facility that features 200-foot-deep truck courts, trailer and auto parking, and five points of controlled ingress and egress. It is located near Interstate 45 and Beltline Road, giving it easy access to the Dallas-Fort Worth Metroplex. In addition, the warehouse is proximate to the Union Pacific Intermodal and the FedEx Ground hubs.
“This Class A warehouse/distribution portfolio provides RealCo an outstanding opportunity to create value for our investors by bringing to bear our deep experience in industrial and our asset management capabilities, within two fundamentally strong and active markets. We anticipate continued healthy and sustained demand,” said Len O’Donnell, president & CEO of USAA Real Estate Co.
In related news, Red Tail Acquisitions, a California-based real estate investment firm, recently acquired a six-property, 16-building industrial portfolio. The assets, totaling 462,618 square feet, were purchased from AEW Capital Management LP, which was represented by HFF LP.
The Dallas-Fort Worth assets are:
- 1360-1420 Presidential Drive and 850-890 North Dorothy Drive in Richardson
- 1420 Halsey Way, 1406 Halsey Way, 2122 Country Club Drive and 2855 Trinity Square Drive in Carrolton
Currently, the properties are 87 percent leased to 41 tenants, including Now Specialties Inc., Optex Systems Inc. and Laboratory Corporation of America.
“This acquisition not only represents an exciting opportunity for Red Tail Acquisitions to expand its DFW holdings but is also a prime example of the types of investments we hope to make throughout Texas,” said executive vice president Sean Miller.
Image courtesy of Lee & Associates