AUSTIN, Texas, Sept. 5, 2024 /PRNewswire/ — Harbor Capital achieved a major milestone with its first acquisition in the Dallas-Fort Worth market, closing on August 29th, 2024, on the fully leased, 20-building Corbin Industrial Park in Denton, TX. The Class B Industrial portfolio spans 606,911 square feet across 45 acres.
This acquisition represents a pivotal milestone in Harbor Capital’s Texas industrial strategy. It provides significant exposure to Texas’s largest industrial market at the top of the Texas Triangle and reinforces the company’s position as a prominent player in the industrial sector.
Constructed in two phases, the first in 2005 and the second in 2014, this classic metal industrial park offers an average building size of 30,346 square feet, clear heights of up to 24 feet, industrial outdoor storage space, grade-level and dock-high loading facilities, and over 700 parking spaces. With this acquisition, Harbor Capital now controls 15% of Denton’s sub-75,000-square-foot industrial market.
Harbor Capital’s investment strategy for this portfolio includes individual and bulk sales of leased and vacant properties over a 5-8-year hold period.
The location offers access to robust markets with a concentrated pool of skilled blue-collar workers, supporting over 150 employees solely within the park. The park is also situated near major manufacturers and distribution hubs such as Target, Peterbilt, Aldi, Winco Foods, Fastenal, and ESAB, all within easy access to I-35W.
Harbor Capital’s investment thesis focuses on acquiring value-added, income-generating commercial real estate in Texas’s Class A/B industrial space. This transaction underscores the firm’s unwavering commitment to this investment strategy.
Harbor Capital is pleased to work with Michael Lohan and Luke Burns of Nineteen Blocks as equity placement partners, Chris McColpin with Newmark Capital Markets as the debt sourcer, and an entity managed by Argentic Investment Management LLC (“Argentic”) as the lender. Harbor Capital appreciates Steven Pollan, Joseph Kassin, and Joseph Ash from KSR for adeptly sourcing this opportunity. It recognizes Don and Cole Frazier of Frazier Commercial Real Estate in Denton for skillfully facilitating this transaction. Frazier Commercial Real Estate will continue representing Harbor Capital and overseeing park leasing and individual building sales. Harbor Capital is also excited to partner with TIG Real Estate Services, which will lead the park’s property management effort.