Nicola Wealth Real Estate & CanTex Capital partner in the repositioning of an in-fill industrial asset in Dallas
DALLAS, November 2, 2022 - The partnership has acquired four industrial buildings and the adjacent seven land parcels with plans to deliver premier multi-tenant light-industrial product to the coveted Brookhollow submarket.
Nicola Wealth, Globe Newswire, November 2, 2022
Nicola Wealth Real Estate (NWRE), in partnership with CanTex Capital (CanTex), has acquired 3216 – 3308 Royalty Row and the adjacent land parcels fronting John Carpenter Freeway in Dallas, Texas. The off-market transaction was brokered by David Guinn of Davidson & Bogel Real Estate LLC.
The acquisition includes four existing industrial buildings totaling 119,350 square feet on 9.12 acres situated in the coveted Brookhollow submarket. The partnership has plans to reposition the existing buildings to best-in-class light-industrial product with the addition of glazing and new office space fronting John Carpenter Freeway, modernizing the existing fascia, and providing refurbished interiors for tenant improvements. In addition to undergoing an intensive capital program, the project will also feature 4.61 acres for car and trailer parking. The partnership has branded the project, Century Park.
“Century Park is a strategic addition to our growing DFW Portfolio,” highlights Matthew Schaeffers, Director of Acquisitions at Nicola Wealth Real Estate. “We’re excited to execute this repositioning program with our valued partner CanTex, adding best-in-class industrial real estate within one of Dallas’ top-performing industrial nodes to NWRE’s US income fund.”
Romy Cheema, CEO and Principal of CanTex states, “Century Park is transformational for the area and for the future of the Brookhollow in-fill submarket. Users of Century Park will find value in the premier location, abundant parking, and incredible freeway frontage and visibility from TX-183 and TX-114. It will be a landmark gateway to Irving and Brookhollow.”
NWRE is concentrated on growing in major US markets such as Las Vegas, Phoenix, Denver, Dallas, Fort Worth, San Francisco, Minneapolis and Seattle with a focus on acquiring income-producing properties and executing build-to-own development and value-add strategies.