A southern Dallas industrial building is changing ownership just months after it was previously sold.
Lake Washington Partnership, a Seattle-based company, has acquired the Tradepoint 20-45 property, a recently built warehouse and distribution building on Cleveland Road south of Interstate 20, according to a press release.
The building was developed by Dallas’ Champion Partners and opened in 2022. New York-based Blumenfeld Development Group bought the building in August of 2022. It was the firm’s first purchase in Texas.
Blumenfeld has now unloaded the building for $47 million in a deal handled by Jones Lang LaSalle’s capital markets division, per The Dallas Morning News. The warehouse was initially built for $23 million.
The new owner is a family-owned commercial real estate investor and developer with properties spanning the U.S. This marks Lake Washington Partners’ third acquisition in the Dallas area.
“We have invested in industrial real estate for generations, and we’re thrilled to be growing our portfolio within the strong and enduring Dallas industrial market,” said company President Jordan Lott said in a statement. “The fundamentals of the Texas market are strong, with its low vacancy and strong support of the business community.”
The warehouse developer, Champion Partners, is building another warehouse in Wilmer in partnership with Rosewood Properties, according to The Dallas Morning News.
The developer is also working on a 1.4-million-square-foot warehouse in the area. Southern Dallas County continues to be a hot market for industrial buildings, with more than 20 million square feet of construction underway.
The Dallas-Fort Worth area is the country’s largest industrial development market, with 70 million square feet of space in the works.
Still, it remains difficult to develop inside Dallas city limits due to its backlogged building permit process.