Tuesday, October 14, 2008

Dallas-Based Vintage Interests Buys Four Industrial Properties

A Dallas-based commercial real estate investor is beefing up its building portfolio with the purchase of four North Texas industrial properties.

Vintage Interests acquired the buildings, which total 182,141 square feet, in three separate transactions.

With the latest purchase “we have closed over 20 deals in the last two years,” said Rusty Perry, founder of Vintage Interests.

The company now owns more than 2 million square feet of commercial properties.

The private investor has taken advantage of the competitive pricing and reduced deal volume in the market to increase its holdings.

“While many of our competitors are on the sidelines, unable to obtain financing or secure equity commitments, we are able to snatch up some great investments” Mr. Perry said. “Executing on deals like this is not hard for us, as we have dedicated equity and three to four lenders that like our program and remain willing to lend on these types of deals.”

The latest building purchases are located in the Valwood Industrial Park, Dallas’ Brookhollow district and in Allen.

Two of the buildings are fully-leased warehouses located at 1275 and 1321 Roundtable Drive in Dallas and were acquired from First Industrial, a real estate investment trust.

Vintage also purchased an 80 percent-leased warehouse at 2210 Hutton in Carrollton. And the investor acquired the 90 percent-leased Allen Business Center, located at 8 Prestige Circle in Allen.

Mr. Perry said that Vintage Interests plans to increase its acquisition program going into 2009.

“The shakeup in the financial markets will undoubtedly create opportunities for investors like us which have discretionary equity to invest, and lenders in tow,” he said.

The just-completed transactions were brokered by Blake Anderson with Grubb & Ellis, Larry Leon with CB Richard Ellis and Garrett Sherman with Investment Real Estate. Holiday, Fenoglio, Fowler LP arranged debt financing for the transactions.

Vintage Interests was founded in 2006 by Mr. Perry and includes partners Jeffrey Ellerman and Brett Landes.