January 23, 2017
Avistone LLC acquired Northgate III, a 155,494-square-foot industrial portfolio in the Northeast Dallas/Garland market. The five buildings in the portfolio are at 11805-11829, 11845-11895 Forestgate Drive and 12021, 11999 & 11969 Plano Road on the northwest corner of Forest Lane and Plano Road. Lizzy Blake with Colliers International led the team representing the buyer. The seller was undisclosed.
The buildings are situated on a total of 10.5 acres and are 92% leased to 33 tenants. The sales price was undisclosed, but Avistone indicated on its site that the acquisition price was approximately 65% below replacement value. “Northgate Business Park III aligns perfectly with Avistone’s acquisition goals of acquiring stabilized, multi-tenant business parks that produce healthy cash flow and a strong projected total return, while minimizing risk,” said Avistone’s Richard Kent.
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