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11/27/18
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Cohen Asset Management Inc purchased two Class A industrial properties totaling 1.33 msf in Dallas’ Pinnacle Industrial Park. The properties were 100% leased at the time of the sale.
Pinnacle Park I, at 3700 Pinnacle Point Drive, is a 1.01 msf, bulk industrial distribution building on 47.48 acres. It offers 178 exterior docks, six drive-in doors, cross docks and 32-foot ceiling heights.
Pinnacle Park II, at 3801 Pinnacle Point Drive, comprises 327.6k sf on 13.44 acres. The industrial warehouse property features 62 exterior docks, three drive-in doors and 30-foot ceiling heights.
Constructed in 2001, the two properties are located in one of the region’s most successful warehouse and distribution markets, just south of Interstate 30 and west of downtown.
Steve Rowland with Transwestern provided acquisition services on behalf of Cohen. The price was not given out. Cohen now has more than 3 msf of industrial holdings in the DFW metroplex.
“With an outstanding infill location and rents on the ascent, this high-quality project offered the buyer a unique opportunity to grow its footprint in Dallas-Fort Worth’s vibrant industrial market,” said Rowland. “Cohen’s goal is to create long-term value while driving near-term returns. This prominent, fully leased asset achieved both objectives.”
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