A fund in the CBRE Strategic Partners U.S. series has acquired Westside 35, a newly constructed 540,000-square-foot two-building logistics asset in the Dallas-Fort Worth Metroplex. The asset was 100% pre-leased to three tenants. Located at 2555 & 2575 Downing Drive in the Fossil Creek/Meacham submarket, Westside 35 offers proximity to multiple major thoroughfares with easy access to I-35 and the entire DFW metroplex. It features new, state-of-the-art, single-load construction and highly functional Class A design. Specifications include front-loading with 109 total dock doors, 36-foot clear heights, 185-foot truck courts, 107 trailer stalls, and an adjacent 7.1-acre land parcel to support additional future trailer parking. The site is adjacent to the BNSF railway and two power substations, providing 3k amps of power to each building at the property with the ability to supply additional power for future tenant requirements. "With nearly 400,000 households located within a 10-mile radius and 1 million households within a 20-mile radius, Westside 35 is in a strategic infill location that gives tenants operating fulfillment and last-mile distribution strong access to labor and enables them to efficiently serve the densely populated end-consumer base," said Topper Sheehy, Director, Logistics Acquisitions, CBRE Investment Management. New development opportunities in the submarket are limited due to land constraints and macro-economic headwinds. The lack of supply, coupled with a strong demand for space near population growth and major thoroughfares, has contributed to high submarket occupancy and a low vacancy rate of 5.4% at the end of Q3 2022, which represents a 140bps decrease year-over-year. "Modernity matters in logistics assets," said Diann Hsueh, Deputy Portfolio Manager, Strategic Partners U.S., CBRE Investment Management. "Westside 35 provides the amenities and building characteristics sophisticated tenants have come to expect in modern logistics warehouses." A recent survey found that a majority of logistics occupiers in the U.S. expect to expand their real estate footprints despite economic uncertainty, labor shortages and supply chain disruptions. Sixty-four percent of occupiers surveyed plan to expand their U.S. logistics footprint in the next three years, and 47% plan to expand by more than 10%. About CBRE Investment Management CBRE Investment Management is a leading global real assets investment management firm with $143.9 billion in assets under management* as of September 30, 2022, operating in more than 30 offices and 20 countries around the world. Through its investor-operator culture, the firm seeks to deliver sustainable investment solutions across real assets categories, geographies, risk profiles and execution formats so that its clients, people and communities thrive. CBRE Investment Management is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE), the world's largest commercial real estate services and investment firm (based on 2021 revenue). CBRE has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE Investment Management harnesses CBRE's data and market insights, investment sourcing and other resources for the benefit of its clients. For more information, please visit URL. *Assets under management (AUM) refers to the fair market value of real assets-related investments with respect to which CBRE Investment Management provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real assets-related loans. This AUM is intended principally to reflect the extent of CBRE Investment Management's presence in the global real assets market, and its calculation of AUM may differ from the calculations of other asset managers and from its calculation of regulatory assets under management for purposes of certain regulatory filings. Attachments Original Link Original Document Permalink
Disclaimer CBRE Clarion Global Real Estate Income Fund published this content on 21 December 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 December 2022 15:08:02 UTC.