CBRE National Partners Arrange Sale of Brand New 700,000 SF Distribution Center in South Dallas

CBRE announced the sale of Sunridge II, a 698,880 sq. ft. Class A+ distribution center, located at 1700 N. Goode Road in Wilmer, Texas. Cohen Asset Management purchased the property from Scannell Properties for an undisclosed price.

Randy Baird, Jonathan Bryan, Ryan Thornton, Nathan Wynne and Eliza Bachhuber with CBRE National Partners arranged the transaction on behalf of the seller.

Delivered in 2022, the property is strategically located off I-45 and approximately one mile from the Union Pacific Intermodal Terminal. Built with market-leading specifications, the distribution center features 40’ clear highs, cross-dock configuration, 138 dock doors, four drive-in ramps and an ESFR sprinkler system. In addition to the distribution space, the property includes 10,000 sq. ft. of office space (making up 1.4% of the total property).

“As market conditions fluctuate, investors are looking to deploy capital into properties that have cash-flow durability combined with income growth,” said Jonathan Bryan, executive vice president with CBRE. “This property offered an opportunity to acquire an asset that is 100 percent leased to a single tenant with over 10 years of lease term remaining in one of the most active industrial submarkets across Dallas-Fort Worth.”

According to CBRE’s Q3 2022 Industrial MarketView, the South Dallas submarket remained the most sought-after area for industrial users across the metroplex with nearly 2.2 million sq. ft. of net absorption in Q3 and 8.4 million sq. ft. year to date (YTD). Despite the 30.2 million sq. ft. of new deliveries in 2022, there has been 27 million sq. ft. of leasing activity, leaving the direct vacancy rate for the metroplex at 4.9%.