OpenPath Industrial Companions, a division of impression funding agency OpenPath Investments, has expanded its portfolio with the acquisition of 2938 Brown Street, a 528,750-square-foot, totally leased distribution middle in Marshall, Texas. Minglewood Properties LTD beforehand owned the asset, in response to CommercialEdge info.
The Denver-based agency didn’t disclose the value it paid for the 39-acre property, however its officers famous it was acquired at a major low cost to substitute price, giving OpenPath the chance of implementing a value-add technique.
OpenPath was additionally capable of lease the constructing to a Fortune 500 firm previous to closing. The corporate declined to establish the tenant.
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In-built 2001, the Brown Street facility has 72 loading docks, as much as 35-foot clear heights and backup energy turbines. It’s totally moist sprinklered, has 7,000 sq. ft of workplace area together with break rooms and a convention room, and 300 paved and lighted parking areas. The positioning permits for versatile demising or growth methods.
The property is positioned 1 mile from Interstate 20 and about 2 hours east of Dallas. The East Texas I-20 hall is likely one of the most vital freight routes within the southern U.S., benefitting from rising e-commerce, mild manufacturing and regional distribution exercise. The asset can also be minutes from U.S. Freeway 80, U.S. Freeway 59 and Route 42.
“We had been drawn to 2938 Brown Street as a result of it checks each field for contemporary industrial performance,” Jason Lennartz, vice chairman of acquisitions at OpenPath Investments, informed Industrial Property Govt. “It’s a uncommon mixture of scale, infrastructure and site that aligns completely with our technique of buying logistics-oriented belongings in high-demand transportation corridors.”
Holmes Davis, senior vice chairman and associate at Binswanger, was the dealer for the property.
Rising portfolio
The Brown Street property is the eighth industrial acquisition by OpenPath Industrial. Late final 12 months, the agency bought Northern Louisiana Enterprise Middle, an 820,743-square-foot industrial distribution park in Shreveport, La., for $26 million. The property is positioned on 137 acres at 9595 Mansfield Street, some 35 miles from the Marshall facility.
Based in 2005, OpenPath Investments specializes within the acquisition, renovation and administration of commercial and multifamily belongings. The agency has a portfolio of greater than 25 properties throughout the U.S. that exceeds $1 billion in belongings underneath administration. OpenPath Industrial has greater than 3.2 million sq. ft of area underneath administration.
