GTIS Partners LP(“GTIS”), a global real estate investment firm that manages $4.7 billion in gross assets with a focus on residential and industrial investments, announced today the acquisition of a 26-acre industrial site in the Great Southwest (“GSW”) submarket in the Dallas Fort Worth, Texas MSA. GTIS will develop in-house an approximately 442,000 SF Class A cross dock facility, which can be demised to provide leasing flexibility to prospective tenants.
The development, also known as Remington 30, is centrally located in the GSW industrial submarket, one of the oldest submarkets in the metroplex with limited land available for new construction given its age and the presence of wetlands. Remington 30 sits south of the Dallas Fort Worth Airport and provides quick access to I-30, a primary east/west thoroughfare connecting Dallas and Fort Worth, and President George Bush Turnpike (PGBT) Toll Road, a major north/south artery that provides access to the northeast residential markets as well as other major arteries such as I-20. High quality tenants including FedEx, Pepsi Co, Office Depot, Penske, and GE Appliances are located nearby Remington 30 as, amongst other drivers, its location provides access to the strong Dallas Fort Worth labor pool.
Remington 30 will target the bulk segment (defined as 250,000-500,000 SF) of the industrial market, where demand for newer product remains strong in GSW. The eight bulk buildings in the GSW submarket that delivered between 2018-2023, representing 2.8 million SF, have 0% vacancy. The bulk product segment has outperformed the submarket with positive net absorption over the last 12 months.
“GTIS is excited to introduce new, Class A product in a premier industrial market with high barriers to entry given the lack of developable land, further illustrated by a limited construction pipeline equal to 1.3% increase to existing inventory,” saidGaurav Sahay, Managing Director at GTIS Partners. The site is located within a designated Qualified Opportunity Zone and capitalized by GTIS Opportunity Zone Fund I, a $630 million investment fund raised by GTIS to develop in undercapitalized areas across the United States.
Remington 30 represents GTIS' fifth equity industrial investment in the Texas market, and 18th overall industrial investment in the US. Since inception, GTIS' US industrial investments encompass approximately 11 million SF with total project cost exceeding$1.3 billionprimarily across the Carolinas,Georgia, andTexasmarkets.
About GTIS Partners
GTIS Partners is a global real estate investment firm in the Americas, headquartered in New York with offices in SaÌo Paulo, San Francisco, Los Angeles, Atlanta, Charlotte, Phoenix, Dallas, Houston, Savannah, and Munich. The firm was founded in 2005 and is managed by President and Founder Tom Shapiro and seven other partners. The firm manages $4.7 billion in gross assets and is active across a wide range of real estate sectors including single family and multifamily housing, office, industrial/logistics and hospitality as well as opportunity zone investments. The firm invests at various points in the capital structure including credit, common equity and structured equity. In the US, GTIS has invested in 235 assets across almost 50 unique markets including growth areas such as Miami, Phoenix, Dallas, Houston, Denver, Atlanta, Tampa and Charlotte. In Brazil, GTIS is among the largest real estate private equity firms with holdings including office, residential, logistics, and hospitality investments. Marquee assets developed by GTIS Partners in São Paulo include the Infinity office building and Palácio Tangará, a five-star resort style hotel. For more information, please visit www.gtispartners.com.
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SOURCE GTIS Partners
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