Los Angeles-based Cohen Asset Management Inc. (CAM) has secured another large property in Dallas.
The real estate investment firm from Southern California purchased a 920,275-square-foot distribution building that sits on 44 acres in South Dallas, reported The Dallas Morning News. The warehouse, built in 2016, is located at 3351 Balmorhea Dr. and is currently fully under lease to Amazon.
According to its website, CAM enjoys “an established history as a prominent and active owner-operator spanning several decades with a singular focus on the industrial and logistics sector.”
CAM’s list of properties includes industrial and logistics buildings throughout California, Texas, New Jersey, New York, and Georgia. At the time CAM was purchasing the North Texas property, it was also closing a deal on a 600,000-square-foot facility in Phoenix.
“We are excited to add another fully leased, state-of-the-art logistics facility located in the fast growing South Dallas submarket to our portfolio as we continue to expand our footprint in the Dallas marketplace with over 8 million square feet currently under management in Texas. …”
“This property will be a prominent addition to our portfolio as we continue to pursue other strategic investment opportunities,” Jason Haas, principal and co-chief information officer at CAM, said in a statement.
In 2018, CAM bought two buildings in West Dallas in the Pinnacle Park development. More recently, the real estate firm acquired a nearly 700,000-square-foot industrial building near Interstate 45 in Wilmer in 2022.
Haas said the latest North Texas facility “will be a prominent addition to our portfolio as we continue to pursue other strategic investment opportunities in the Texas marketplace.”
Overall, commercial property sales in the state have slowed recently. However, industrial buildings have continued to enjoy robust demand. During the first quarter of 2023, North Texas witnessed nearly $300 million in deals.
With over 70 million square feet presently under construction, Dallas-Fort Worth remains the fastest-growing industrial building market in the United States, as reported by The Dallas Express.