Westcore Expands its Texas Industrial Portfolio with Denton Acquisition
Westcore, a leading industrial real estate acquisition, development and asset management firm, acquired Denton Point I & II, a two-building, 242,320-square-foot industrial property in Denton, Texas. Westcore purchased the property for approximately $32 million from a joint venture between Boston-based TA Associates and Dallas-based Holt Lundsford.
“We seized on the opportunity to acquire these fully leased, Class A assets during a period of uncertainty in the capital markets,” said Westcore Managing Director Hack Adams. “We are extremely excited to be adding to our Texas industrial portfolio, which now totals 5 million square feet.”
The recently constructed Denton Point I & II industrial buildings are fully leased to three tenants: DHL, Lowe’s Home Center and Muenster Milling.
Situated on 18.59 acres, the rear-loaded buildings feature 32 feet of clear height, ESFR, all concrete truck courts and site, 86 trailer parking spaces and ample dock-high loading.
“Denton is an emerging industrial pocket nestled among one of the fastest growing residential nodes in the broader Dallas-Fort Worth region,” said Adams. “A sincere thank you to Jonathon Bryan, Randy Baird and Taylor Hare of CBRE for their assistance in helping us acquire Denton Point and supporting our continued push to grow our Texas assets under management.”
According to CBRE research, “The fourth quarter of 2022 marked the 49th consecutive quarter, or over 12 years, of positive net absorption for the Dallas/Fort Worth industrial market.”
Bryan, Baird and Hare represented the seller in this transaction while Westcore represented itself.
Founded in 2000, Westcore is a fully integrated industrial real estate investment company with institutional scale and capabilities that operates with speed, agility and adaptability. Since its founding, Westcore has acquired, managed and sold more than $10 billion in assets, comprised of more than 1,000 buildings and totaling over 100 million square feet. In addition to its U.S. headquarters in San Diego, Westcore has regional offices in Los Angeles, Oakland and Dallas.