Updated Oct 29, 2024
ElmTree Funds Acquires Property From Perot Development Co With Seller's Rep Dustin Volz In Irving
3100 State Hwy 161, Irving, TX, 75038
Building Size
219,000 SF
Asset Type
Industrial
Closing
Nov 19, 2023
About this deal
AI
The sale involved a 219,000-square-foot industrial property located at 3100 State Hwy 161, Irving, TX, 75038, within the Grand Prairie market. Constructed in 2022 as a build-to-suit for Amazon, the property spans 55.7 acres and features 32-foot clear heights, 1,440 parking spaces, and a 9.3 percent office finish.
Summary of transaction details:
- Property Type: Industrial
- Transaction Amount: Not disclosed
- Seller: Perot Development Co
- Buyer: ElmTree Funds
- Seller's Representative: Dustin Volz, Stephen Bailey, Dom Espinosa, Zach Riebe & Jack Copher - JLL
The transaction was facilitated by JLL, which represented the seller, a joint venture between Invesco Real Estate and Perot Development Co. The details of the buyer were not disclosed in the transaction.
On the Map
Industrial
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93