Thor Equities Group, a global leader in real estate investment and development properties has sold half of an industrial asset in McKinney, Texas, just months after purchasing it in a joint venture with Morgan Stanley.
Thor Equities has closed on a deal to sell Building A at Logistics Center at McKinney to AC Industrial, LLC, a real estate investment company. The 129,914 square-foot, rear-load, spec building sits on 65 acres at 3601 N. McDonald St. in McKinney. Stream Realty Partners, a national real estate services, development, and investment company, represented the joint venture in the sale of the building.
“The demand for modern industrial assets, coupled with Dallas’ strong market conditions, made it an opportune time to sell 3601 N. McDonald Street,” said Joe Sitt, Chairman of Thor Equities Group. “We look forward to identifying more opportunities in the U.S. and abroad to expand our logistics portfolio.”
Thor Equities is open to selling or leasing Building B, which can accommodate one tenant or be subdivided for multiple uses. The 301,796-square-foot, Class A structure at 350 Cypress Hill Drive offers 190 car parking spaces, 52 dock doors, 2 ramp doors, and a 130-foot truck court, allowing for ease of loading and unloading and maximum storage. LED lighting, rear loading, 32-foot clear height, 50-foot by 52-foot column spacing, and build-to-suit office space offer plenty of opportunities for a variety of tenants.
The center offers easy access to U.S. 75 and Highway 380. It is 36 miles from Dallas Love Field Airport and the Dallas Central Business District, 45 miles from Dallas-Fort Worth International Airport, and 60 miles from the Fort Worth Central Busines District.
“The metroplex’s industrial market is incredibly limited and becoming increasingly more competitive,” said Bob Hagewood, Senior Vice President of Stream Dallas. “Thor Equities and Morgan Stanley’s entrepreneurship and flexibility will allow new market players to acquire top-of-class industrial space. Considering the trajectory of the Dallas-Fort Worth market, Logistics Center at McKinney is a rare opportunity in a submarket that has a limited supply of industrial opportunities, with even fewer state-of-the-art assets offering divisible square footage.”
McKinney’s 182,000 population and $93,000 median household income ensure an abundant labor pool near Logistics Center at McKinney.