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12/09/20
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A venture between San Juan Capistrano-based Birtcher Anderson & Davis LLC and Belay Investment Group recently closed on a $47.5 mil purchase of eight industrial properties in the greater Dallas/Fort Worth area. The portfolio includes 18 buildings totaling 609.6k sf ($78/sf) of space, leased to 82 tenants.
The buyers’ business plan for the acquisition includes capital upgrades and an aggressive leasing program to address some current vacancy as well as to capture rising rental rates as a significant number of leases expire during the next thirty months.
“The DFW Portfolio fits within our value-add industrial strategy which targets attractive risk-adjusted returns, which are hard to find in the current market, especially in the hyper-competitive industrial sector,” noted Eliza Bailey, Managing Principal, Belay Investment Group.
The seller, Fort Worth-based Fort Capital, was represented by JLL.
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