SALE OF 166-ACRE INDUSTRIAL ZONED LAND IN DALLAS-FORT WORTH TO FORTUNE 50 COMPANY
Press Release, 2019/09/04
On August 15 2019, Walton closed on the sale of a 166 acre industrial zoned property located 30 km south of Dallas, Texas in the city of Red Oak. The buyer of the property is an undisclosed Fortune 50 company, who is attracted by the property’s strategic location in a growing manufacturing hub south of Dallas.
The property forms part of Walton’s Red Oak Crossing Master Plan, a 367 acre site that includes industrial, residential and retail land uses. Walton acquired the properties in 2012 and subsequently worked with the city to obtain development approvals. In 2015, the preliminary plat was approved for the 165 acre residential portion to the east of the master plan, allowing for the development of 531 residential units. Walton sold the residential site to a local developer in 2017. The remaining 202 acres were later approved for industrial and commercial uses. In 2018, Walton was approached by Allegro Realty Advisors on behalf of a Fortune 50 company regarding the purchase of the 166-acre industrial parcel. The transaction closed on August 15, 2019.
To date, investors in the Red Oak Crossing properties have received over $15M in distributions from these transactions and they continue to own approximately 36 acres of commercial/retail land which stands to benefit from the adjacent development activity.
In addition to the Red Oak properties, Walton administers over 4,600 acres of land in the vicinity. 5km to the east lie Walton’s Bluff Springs 1 & 2 Master Plans, approximately 611 acres and 1,200 acres respectively that are slated for mixed-use development. 17km southwest, Walton is planning a 2,800 acre mixed use, lifestyle community adjacent to the growing city of Waxahachie. The future development known as the Kemp Ranch Master Plan, is expected to boast a mix of residential uses and retail offerings as well as abundant parks and walking trails.
The Walton Group of Companies is one of North America’s leading real estate investment and asset management groups, focusing on the research, acquisition, planning, management and administration of raw land strategically located in growth corridors across the United States and Canada. Assets under management or administration exceed USD 3.8 Billion and comprise over 106,000 acres of land in 22 markets in North America.