DALLAS – In an off-market transaction, a North Texas investor has closed on a fully leased 33,400-sf warehouse in south Dallas County.
The 24-suite off-market project was developed in the mid-1980s on a 1.8-acre tract at 706 E. Red Bird Lane in Duncanville. RFF Family Ltd. has acquired the asset from Mazaya Investments LLC of Dallas.
“It was a good investment opportunity,” says Josh Meraz, senior associate of Dallas-based Bradford Commercial Real Estate Services, who represented the buyer.
Meraz notes several renewals were completed during due diligence, resulting in no rollovers for one to three years and pushing the cap rate above 8.5%. The buyer has retained Meraz to lease the warehouse.
Kyle Matthews of Matthews Real Estate Investment Services represented the seller, who acquired the holding about four years ago. Situated close South Cockrell Hill Road, the property is just a short distance from the Interstate 20-TX 67 junction.