Trinity Investors along with its joint venture partner, Reserve Capital Partners (RCP), are pleased to announce the sale of one of two newly constructed industrial buildings in Garland, Texas on September 12th, 2023. The building was sold in a cold dark shell state for a price that outperformed underwritten projections. In addition, RCP along with the leasing team at SRS Industrial recently secured a lease on the second building for 74,095 SF. This leaves only ~45k SF left to lease at the Garland project.
Within the same joint venture partnership between Trinity Investors and RCP, the partnership recently completed construction of a single industrial building in Hutchins, Texas and executed ~115k SF lease for ~50% of the building. The lease was executed for a rental rate ~15% over the original underwritten rental rates. Moreover, the annual rent escalations are higher than originally underwritten.
Both the sale and multiple new leases reinforce the strength of industrial real estate and the resilience of the Dallas-Fort Worth metroplex. For any questions, please feel free to contact Trinity Investors at investmentsteam@trinityinvestors.com.