CanTex Capital Acquires Shallow Bay Industrial Portfolio in Northeast DFW
DALLAS, October 5, 2023 - CanTex Capital has purchased almost 3 million square feet in the last two years.
By Steve Brown, Real Estate Editor, The Dallas Morning News, October 5, 2023
A Dallas investor that’s made a string of industrial building buys has purchased four more North Texas buildings.
CanTex Capital has purchased almost 3 million square feet of industrial properties since early 2022. The company’s latest deal includes three buildings in Northeast Dallas and a McKinney property totaling more than 219,000 square feet.
“We believe in the long-term fundamentals of the D-FW market,” CanTex founding partner and CEO Romit Cheema said in a statement. “The Metroplex continues to see tremendous population and job growth, which is driving demand from both distribution and manufacturing tenants.
“On the supply side, very little industrial infill product is being built or replaced,” Cheema said. “As one of D-FW’s major industrial nodes, Northeast Dallas has a deep pool of diverse industrial inventory and a wide-ranging tenant base.”
The three Dallas buildings are on Jupiter Road near Interstate 635. The fourth property in the deal is on Interchange Street in McKinney.
The buildings are fully leased and were acquired from an institutional investor. Terms of the deal were not released.
Earlier this year, CanTex bought three Dallas industrial buildings near Airport Freeway. The buildings on Grauwyler Road include more than 313,000 square feet on almost 51 acres.
In January, CanTex sold five buildings in Dallas, Mesquite and Garland to a California investor.
“Despite this year’s slower market activity, we continue to find attractive investment opportunities,” CanTex president Gillian Cho said. “The density of product we have acquired and manage in D-FW gives us a good pulse on the market.”
Dallas-Fort Worth is one of the country’s top industrial building investment markets, with almost $1.6 billion in properties sold in the first half of 2023.