Westmount Realty Capital LLC has acquired a 1.1 million-square-foot distribution center and warehouse on a 66-acre, rail-served site in Garland. David Sours, Kevin Kelly, and Jack Fraker of CBRE represented the seller in the transaction. Sours and Kelly will be the leasing brokers for the property moving forward.
The three-building complex at 2600 McCree Road totals 1.13 million square feet, about 40 percent of which is refrigerated. It has a current occupancy level of about 70 percent, with tenants primarily in the food distribution industry, as well as supply-chain management, floral distribution and recycling.
Westmount has renamed the complex as Garland Logistics Park and is planning to make significant improvements to the buildings and site—a $12 million investment over the next three years. The company has had success with a similar project out east, said Cliff Booth, president and CEO.
“We acquired a nearly identical vacant, 1.1 million square foot industrial complex in Charlotte, N.C., in June 2006 and, even through the U.S. recession, have leased over 990,000 square feet to an occupancy level of 93 percent,” he said. “Our plans for Garland Logistics Park will employ similar management and leasing strategies, and we have some tenant prospects from Charlotte to potentially land in Dallas.”