Thor Equities Snaps Up Dallas-Area Industrial Property for $36M
By Andrew Coen August 26, 2021 12:37 pm
reprints
Thor Equities has acquired the Core5 Logistics Center, a 65-acre business park in the Dallas-Fort Worth region, for $35.7 million, Commercial Observer has learned.
The Manhattan-based real estate development firm purchased the industrial asset in McKinney, Texas, from Core5 Industrial Partners. Thor Executive Vice President Jack Sitt led the transaction, while Citadel Partners marketed the property for sale.
Financing details on the sale could not immediately be determined.
The Core5 Logistics Center located at 350 Cypress Hill Drive comprises 301,796 square feet, two drive-in doors and 190 parking spaces, according to pre-sale marketing materials. The property is located on State Highway 5 east of the Central Expressway.
The Texas acquisition marks the continuation of Thor’s momentum in warehouse developments on the heels of purchasing the five-property Northeast Philadelphia Last Mile Transportation Portfolio anchored by Amazon (AMZN) for $27.5 million. It also closed on a 196,300-square-foot warehouse in Carson, Calif., just outside of Los Angeles in a sale-leaseback deal with textile manufacturer Texollini for $30 million.
The Dallas Morning News first reported Thor’s Dallas acquisition.
Officials for Thor declined to comment on the deal. Atlanta-based Core5 did not immediately respond to a request for comment.
Andrew Coen can be reached at acoen@commercialobserver.com.
