October 11, 2023 1:00 PM
Newmark announces it has completed the sale of Mansfield Urban Industrial Park, a three-building industrial property totaling 267,622 square feet in Mansfield, Texas.
Newmark Capital Markets Vice Chairmen Dustin Volz and Stephen Bailey, Senior Managing Director Dom Espinosa and Managing Director Zach Riebe represented the seller, Longbow Interests, a Dallas-based commercial real estate firm that specializes in developing shallow bay industrial buildings. The buyer was High Street Logistics Properties.
Located at 1960-1962 Heritage Road, Mansfield Urban was 89% leased at the time of sale with a 4.6-year weighted average lease term (WALT). Delivered in summer 2022, the property features state-of-the-art construction and Class A amenities, including front/rear-load design, 18’-28’ clear heights, modern truck courts, ESFR sprinkler systems, speculative office space and steel deck roofing.
“Mansfield Urban represented a compelling opportunity to acquire a newly developed, best-in-class asset with attractive basis in one of the fastest growing distribution locations in DFW,” said Bailey.
Mansfield Urban is centrally located within the DFW Metroplex and offers convenient access to I-20, US-287 and TX-360. The property benefits from DFW’s ongoing population growth and robust employment growth, particularly among industrial-using jobs.
According to Newmark Research, the Dallas industrial market realized 5.4 million square feet of positive absorption in the second quarter of 2023, bringing year-to-date totals to 15.1 million square feet. Following a yearly supply outpacing demand for the second consecutive quarter, as of the end of the second quarter of 2023, vacancy increased by 160 basis points year over year to 7.3%.
About Longbow Interests
Longbow Companies, LLC is a Dallas based Real Estate Investment Company that specializes in ground up development and acquisition for Industrial, Office, and Residential projects. (www.longbowinterests.com)
About High Street Logistics Properties
High Street Logistics Properties is a private equity real estate investment management company that invests exclusively in institutional quality industrial and logistics properties located in major markets across the United States. (www.highstreetlp.com)
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the year ending December 31, 2022, Newmark generated revenues of approximately $2.7 billion. As of June 30, 2023, Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with over 7,400 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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