Wednesday, August 10, 2016

Dallas investor buys $200 million in Texas industrial buildings

Stonelake Capital purchased 35 Texas industrial buildings, including
this warehouse at 2205 Hutton Drive in Carrollton.
A Dallas real estate investor has made a $200 million industrial building buy that includes properties in three major markets.
Stonelake Capital Partners has purchased 35 buildings in Dallas, Houston and San Antonio.
The 3.1 million-square-foot purchase was made in 11 separate transactions over the last 18 months. The industrial buildings will be owned by a fund called Stonelake Opportunity Partners III LP.
The Dallas purchase includes almost 1.3 million square feet of warehouses.
The local  properties are in at 1901 Diplomat Drive in Farmers Branch and at 2205 Hutton Drive, 1101-1215 Trend Drive and 2707 Realty Road in Carrollton.
Stonelake said it plans to manage the industrial buildings and raise occupancy and rents over the next several years.
Stonelake Capital Partners is a private real estate investment firm with offices in Dallas, Austin and Houston. The company — founded in 2007 — has over $2 billion of commercial real estate throughout Texas.
Stonelake recently raised $262 million in equity commitments for an investment fund to buy buildings ranging in size from 50,000 to 150,000 square feet. The investors in Stonelake IV are college endowments, hospital systems and pension funds.
Written by Steve Brown/Dallas Morning News