Macquarie CNL Global Income Trust has acquired the first of two fully leased office buildings in Fort Worth, Texas for $18.7 million as part of a two-building purchase agreement.
The properties, which collectively have 283,000 sq. ft. of leasable space, will combine for a total acquisition price of $49.7 million. The purchase of the second building is expected to close in the fourth quarter.
The acquired building, Heritage Commons III, was built in 2006 and offers 119,000 sq. ft. of office rentable space. The building is situated on nine acres in Fort Worth’s AllianceTexas development, a 17,000-acre, master-planned community conceived by H. Ross Perot Jr., chairman of the Hillwood Co.
Heritage Commons III is currently 100% leased to DynCorp International, a government services contractor in support of U.S. national security and foreign policy objectives.
The second building, Heritage Commons IV, was constructed in 2008 and is located on 10 acres in AllianceTexas. The 164,000 sq. ft. of office space is 100% leased to Mercedes-Benz Financial Services.
"This transaction supports our vision to build a portfolio of properties that will provide stable income to our shareholders," says Andy Hyltin, president of Macquarie CNL Global Income Trust, a public, non-traded real estate investment trust with executive offices in Orlando.
"These two office buildings have established tenants and are in a robust market that has seen one of the highest rates of population growth in the nation during the past decade,” adds Hyltin.
Located in north Fort Worth, AllianceTexas is home to more than 260 companies, 28,000 employees and 7,400 single-family homes. Dallas/Fort Worth is the fourth largest metro area in the country with a population of 6.45 million residents.
The area posted the second highest rate of population growth between 2000 and 2010, according to the U.S. Census Bureau, and serves as the headquarters of several Fortune 500 companies.
Macquarie CNL Global Income Trust seeks to build a portfolio of U.S. and international properties, with up to 60% of its assets located outside the United States.