News
HOWDY, Y'ALL
May 23, 2011
| Atlanta-based Weeks Robinson Properties has returned to the Dallas market, following up its March purchase of the 505k SF Forum 303 Crossing in Arlington with the recent acquisition of 828k SF in the Dallas Logistics Hub. | |
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| Weeks used some of the $150M in equity it raised earlier this year to purchase the two Class-A LEED Gold industrial buildings, which CEO Forrest Robinson tells us were priced below replacement value because of the depressed real estate market. He likes their proximity to the intermodal terminal and access to I-45 (growing import and export business out of Houston). Not to mention that, built in '09, they have the newer attributes that logistics companies are looking for. | |
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| The 635k SF 4800 Langdon Rd (pictured) and the 193k SF 4900 Langdon Rd are 43% leased. Forrest tells us Dallas is a great industrial market and far along in the recovery process—even more so than Atlanta. (Must be all that extra time they've had from being a time zone behind.) Forrest tells us that Weeks Corp (a previous incarnation of the firm) sold its Dallas properties to Duke Realty in '99, so this isn't his time at the rodeo. The firm has also hired 28-year industry veteran Bob Rice to open a Dallas office and focus on the lease-up efforts. | |
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| The 6,000-acre Dallas Logistics Hub, one of the largest multimodal logistics facilities in North America has filed for Chapter 11, and creditors have until June 15 to vote on the re-emergence plan. DLH prez Dan McAuliffe says its confirmation will put the project development back on track. In the meantime, the sellers worked with their lender and the bankruptcy court to sell this pair of properties to Weeks. |
