Gretzinger Investment Group LLC has purchased a two-building distribution center in Las Colinas in an off-market transaction. Las Colinas Distribution Center 4 and 5, which is fully occupied, is located to the east of Dallas/Fort Worth International Airport. The previous owner, a family trust in North Texas, sold the distribution facility for an undisclosed amount.
“This transaction is our first acquisition in [Dallas/Fort Worth], reflecting our confidence in the growth in this very important Texas market,” Thelma Gretzinger, the investment group’s managing member, said in a statement. It may be Gretzinger’s first DFW acquisition, but the Austin-based investment firm owns 10 industrial and retail properties throughout the state of Texas.
The two buildings total 103,054 square feet and sit on six acres. The design of the center is broken up into 22,154 square feet of flex office space and 80,900 square feet of warehouse space. Notable tenants include JMP Engineering, The Beckett Corp., PCI Logistics, and BioAutomation Corp. Bradford Commercial Real Estate Services will continue to handle the property’s leasing.
“Las Colinas continues to be a highly sought after location because of its image and positioning in Dallas-Fort Worth,” Brian Pafford, senior vice president and managing partner of Bradford, said in a statement.
Bradford’s Pafford represented the seller in the transaction, and Hahn Franklin-Mitchell of Younger Partners represented Gretzinger.
