Avistone Industrial Property Fund I, LLC acquired Northwest Crossing located in Dallas, Texas. The 126,894 square foot multi-tenant flex / warehouse project is located in the South Stemmons industrial sub-market easily accessed by I-35E and Loop 12 with a 10 minute drive to the Dallas/Fort Worth Airport. Built in 1982, the Project consists of four (4) buildings, and is currently leased to 31 tenants.
The company negotiated an acquisition price of well below replacement value, with healthy average cash-on-cash yields and a high IRR and investment multiple over a 5 year holding period.
The Dallas market is the fourth most populous metropolitan area in the U.S. This results in excellent availability of a quality workforce in banking, commerce, telecommunications, energy, healthcare, and computer technology. The greater metropolitan area is also home to the third largest concentration of Fortune 500 companies leading to continued population growth while driving tenant demand. “We are pleased to have entered the Dallas market with this first acquisition for Avistone’s Fund.” said Richard Kent, Avistone’s Managing Principal. “We are actively seeking more acquisitions similar to Northwest Crossing to provide the yield, return, and mitigated risk we strive to achieve for our investors.”
Avistone is a premier commercial real estate investment firm specializing in the multi-tenant industrial market. The company is currently acquiring and managing quality, stabilized multi-tenant industrial properties in major and secondary markets throughout the U.S. from $6 to $25 million. Investment units in Avistone’s Industrial Property Fund are priced at $50,000 each, and currently available. If you have interest in Avistone’s Industrial Property Fund investment offering, please contact us at Investors@Avistone.com.