Weeks Robinson Continues Expansion in Dallas
Looking to continue expanding out of the Atlanta market, Weeks Robinson has acquired another industrial property in Dallas as part of the company’s plan for overall growth.
The property comprises of two buildings with a total of 827,890 square feet. Approximately 40% of the buildings are currently leased.
Tom Pearson and Chris Teesdale of Colliers International in Dallas brokered the sale and Scott McGarity and his management team will manage and lease the property for Weeks Robinson.
The portfolio, purchased from The Allen Group, is located in the Dallas Logistics Hub. It is adjacent to the Union Pacific Intermodal Terminal and the planned BNSF Intermodal Facility.
The firm recently raised $150 million in equity and is moving aggressively to take advantage of opportunities presented by a distressed real estate market.
Earlier this year, the firm acquired another Dallas property called Forum 303 Crossing. The 505,000-square-foot asset in Arlington is also about 40% leased.
“The last five years have been unprecedented in terms of challenges to the national industrial real estate market, but we see opportunities to acquire properties priced below their replacement value in some cities,” Robinson said. “Dallas has both resiliency and a strong industrial market and the company is committed to this region.”
To prove that commitment, the firm also has opened an office in the local area. Bob Rice, who has over 28 years of real estate experience related to industrial properties in the Dallas region, will be the leader of the new office building.
“Establishing an office in the region, located near DFW International Airport and west of downtown Dallas, confirms the company’s commitment to the region,” said Forrest Robinson, CEO of the company. “We are very happy to have Bob Rice join our company as a partner, to run our Texas strategy. He knows this market very well and he will lead our efforts to be a part of the region’s future growth.”