By Agota Felhazi, Commercial Property Executive
The buyer secured $60 million in acquisition financing, which also covered the purchase of a property in California.
Dalfen Industrial has acquired Century Center, a Class A industrial facility totaling 169,700 square feet in Irving, Texas. Project Services Group sold the multi-tenant building in an off-market transaction. The property was fully leased at the time of the sale.
The industrial complex was purchased “below replacement cost with below market rents” said John Lettieri, Dalfen Industrial’s market officer for the Northeastern U.S. and Texas, in a prepared statement. With the current purchase, Dalfen Industrial has a nearly 3 million-square-foot footprint in the Metroplex.
Forethought Life Insurance Co., a subsidiary of Global Atlantic Financial Group, secured acquisition financing for the new owner, Dallas County records show. The $59.9 million loan also provided funding for the purchase of the 80,527-square-foot Markham Distribution Center in Perris, Calif.
Built in 2014, the single-building property also includes a two-level office component. Located on more than 9 acres at 2040 Century Center Blvd., the building features a 30-foot clear height along with a truck court between 110 and 120 feet and is equipped with an ESFR sprinkler system.
The tenant list at the property includes Mygrant Glass and Alumet Supply, according to CommercialEdge data. Other notable tenants in the submarket include FedEx, UPS Freight, PepsiCo, Dr Pepper Snapple Group, Delta Steel Technologies along with Southwest Airlines.
Century Center provides easy access to highways 114 and 183 and is less than 3 miles from Interstate 35. Dallas Love Field Airport is some 5 miles away, while Dallas-Fort Worth International is 13 miles northwest. Downtown Dallas is less than 9 miles southeast and downtown Fort Worth is approximately 30 miles away.
Investor appetite continues to drive sales in the industrial sector. Nationally, in the first three quarters of the year, industrial sales totaled $41.7 billion; if the trend continues, the yearly total is likely to eclipse last’s years $47.1 billion, according to CommercialEdge. In July, Dalfen Industrial paid $115 million for another Class A industrial park, in Frederickson, Wash. Colliers worked on behalf of the buyer in purchasing the 711,855-square-foot asset.