JLL Capital Markets closed the sale of the value-add property in an infill DFW market on behalf of Prattco Creekway Industrial to Berkley Partners
JLL Capital Markets announced today that it has closed the sale of an 83,140-square-foot, multi-tenant, value-add light industrial building at 1501 N. Plano Rd. in the northern Dallas suburb of Richardson, Texas.
JLL worked on behalf of the seller, Prattco Creekway Industrial (PCI). Berkeley Partners purchased the asset.
The one-story building was completed in 1984 and features four loading docks, two drive-in doors, nearly 40 percent office finish and ample parking. The property is home to a mix of nationally and locally based companies with an average remaining lease term of slightly less than four years
Located in Richardson, the property is within the epicenter of the Richardson Industrial submarket, Dallas’ largest and most active suburban submarket. Properties in this submarket benefit from a strong user demand for light industrial space and minimal vacancy. The building is at the intersection of Plano Road and E. Collins Boulevard with frontage and direct access to major Dallas arterials, including State Highway 75, President George Bush Turnpike and Interstate 635.
The JLL Capital Markets Investment Advisory team representing the seller was led Senior Director Stephen Bailey, Director Zane Marcell and Analysts Zach Riebe and Erin Lazarus.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
About Prattco Creekway Industrial
Prattco Creekway Industrial (PCI) was launched in 2016 to acquire and manage Class A-, B and well-located C light industrial buildings in Texas and surrounding Sunbelt States. The targeted submarkets will have strong tenant demand in areas with strong population and job growth presenting increasing demand for tenants. PCI brings a strong history of leasing, operating, development, and Institutional knowledge. With long-time veterans from Lincoln Property Company and GE Real Estate, the partners bring an institutional quality investment and management platform with a core competency in risk management. The partners of PCI have broad and deep experience in Industrial investment, development, management, leasing and operations.
About Berkeley Partners
Founded in 2005, Berkeley Partners has formed a series of funds focused on the light industrial sector. The company and its affiliated entities make-up a vertically integrated real estate operating company, which has demonstrated an ability to manage investments, operations and dispositions through market cycles. Berkeley Partners' industrial platform currently has assets under management totaling over $750 million, including value-add and core-plus strategies. The company's investors include pension plans, insurance companies, endowments, foundations and family offices.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of over 92,000 as of September 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
