San Francisco-based Stockbridge Capital Group has acquired Lakepointe Crossing, a 1.25 million-square-foot industrial property in the greater Dallas area, from Los Angeles-based PCCP. Stockbridge declined to disclose the purchase price.
The property consists of three Class A industrial buildings constructed in two phases by Opus West in 2004 and 2009. Scott Arnoldy, head of Texas acquisitions for Stockbridge, said in a statement that Lakepoint's “location and quality of construction is a real draw to both national and international tenants.”
Lakepointe Crossing is located along the north side of State Highway 121 in Lewisville, Texas. Lakepointe I is a 950,678-square-foot distribution building, and Lakepointe II and III are distribution/flex buildings totalling 155,260 and 148,642 square feet, respectively. The overall property is 86 percent leased to nine tenants.
“We are in the opportunistic workout business. We solved the property’s capitalisation issues, leased it up and, once it became a core asset, we sold it,” said William Lindsay, founding partner of PCCP on why his firm sold Lakepointe. He noted that, when PCCP bought the asset, it was 66 percent occupied at the time.
PCCP acquired the asset as a result of the Opus West bankruptcy for $29.9 million, or roughly $24 per square foot. The firm purchased the property in August 2009 on behalf of its California Smart Growth Fund IV.
The acquisition of Lakepointe Crossing brings Stockbridge’s total industrial holdings in the Dallas area to 4.7 million square feet in eight industrial parks. In June 2009, the firm acquired three Dallas-area industrial parks, totalling 1.1 million square feet, as part of a 9.6 million-square-foot national industrial portfolio sold by ProLogis.