Manulife Investment Management has purchased Alliance Gateway 11, an industrial warehouse in Fort Worth, Texas. The 788,160-square-foot building is currently 100 percent long-term leased to a large-scale tenant using the space as an e-commerce fulfillment facility.
According to CommercialEdge data, the single tenant is Walmart. The facility was built in 2007 and was previously owned by JP Morgan Asset Management, according to the same source. The sales price was not disclosed.
Alliance Gateway 11 is situated in Tarrant/Alliance, a submarket in Northeast Fort Worth. Located at 5300 Westport Parkway, the site is 38.2 acres. In proximity to the warehouse is the Fort Worth Alliance Airport and the BNSF Railway Intermodal Facility.
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Highway 114, highway 170 and Interstate 35 are in the property’s proximity, allowing for easy access to the Greater Texas area. Some 1.67 million people live within a 20-mile radius of the facility.
Amenities include ESFR sprinklers, HVAC climate control, loading doors, dock leveler and bumpers, as well as 933 parking spaces, according to CommercialEdge data. There is a 135-foot to 185-foot truck court.
In prepared remarks, Pritesh Patel, CIO of Americas & head of transactions at Manulife Investment Management, said that the company’s strategy is to acquire and develop warehouse properties to increase industrial assets in its portfolio.
Alliance Gateway 11 fits the criteria of the investment strategy, while being located in a high-growth area. In Dallas-Fort Worth, the industrial market has grown by almost 27 percent since 2010, while vacancy rates have remained around 5 percent to 6 percent in the same period.
Manulife Investment Management, as of the end of March, managed more than 63 million square feet of office, industrial, retail and multifamily space across Canada, the U.S. and Asia Pacific. This year, the company sold a $145 million office park in San Diego, Calif.
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