Switzerland-headquartered private markets manager Partners Group has acquired a multi-tenant industrial property in Dallas, Texas.
The Garland Business Park is leased to tenants, primarily comprising distribution/logistics companies. It comprises a mix of warehouse and freezer/cooler space.
The transaction is capitalised with a significant tenant improvement and leasing commission reserve that is available for leasing the building, the firm said.
Eliza Bailey, head of private real estate debt at Partners Group, said, “We are very excited to have invested in this attractive opportunity for our clients.
The investment provides downside protection from the preferred equity structure combined with significant upside potential driven by the low entry basis and the lease-up opportunity at the property.
“The property includes characteristics which we favor based on our current relative value assessment: quality real estate leased to a diverse group of creditworthy tenants in a strong location with positive economic momentum.
We are also pleased to again be working with our operating partner, Westmount Realty Capital, who has been investing in value-added industrial properties in Texas since the early 1990s.”
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