Local firm acquires Neiman Marcus warehouse in Irving, plans expansion

Neiman Marcus completes sale of Las Colinas warehouse

Provident Realty Advisors has acquired a 491,308-square-foot warehouse in Las Colinas that is currently occupied by Neiman Marcus, according to Dallas County deed records. Neiman Marcus, which sold the facility, recently told the Business Journal that 420 people work there. The company plans to occupy the facility through fall 2022.

Terms of the deal were not disclosed. Dallas-based Provident Realty recently told the Dallas Morning News that it plans to add 250,000 square feet to the back of the building. The facility currently includes 400,000 square feet of warehouse space and about 90,000 square feet of office space.

“We will begin construction after Neiman’s leaves the facility, and the construction and renovations will take 10 to 12 months,” Provident Realty’s John Bunten Jr. told DMN earlier this month.

Joint venture picks up large Dallas warehouse

A joint venture between Dallas-based CanTex Capital and New York City-based Imperium Capital has acquired a 135,000-square-foot warehouse at 4001 Irving Blvd. in Dallas, according to a press release.

JLL's Capital Markets debt placement team representing the joint venture in secure financing for the purchase. The JLL team was led by Jarrod McCabe and Campbell Roche. Terms of the deal were not disclosed. The property was sold by an entity connected with Trinity Industries.

“We are seeing high demand for large infill land sites across the Dallas-Fort Worth market,” said Romit Cheema, CEO of CanTex, in a prepared statement. “It is rare to find an industrial property of this size and proximity to downtown Dallas. A site like this also offers long-term redevelopment potential.”

Not only has CanTex been an active investor in North Texas over the last 18 months, but Imperium says its also eyeing more opportunities in the region.

“4001 Irving is the first of many industrial acquisitions in Dallas for Imperium Capital,” said Sam Schneider, managing partner of Imperium, in a prepared statement. “We are very bullish on the entire DFW market and look forward to being very active there.”

Local investor buys land for future warehouse project

Dallas-based Frontier Equity bought 9.77 acres of land at 850 Railhead Road in north Fort Worth, according to a press release. The company plans to build a future warehouse on the site. Adam Graham of Lee & Associates represented the buyer while the seller, JMCR Railhead LLC, was represented by Transwestern.

LEASES

Little Raymond's Print Shop has signed an extension on its 230,400-square-foot lease at 850 N. Lake Drive in Coppell. Newmark represented the tenant while Stream Realty Partners represented the landlord.

WNA Cups Illustrated Inc. signed a 90,000-square-foot sublease extension at 1221 Centre Park Blvd. in DeSoto. Gary Lindsey of Newmark represented WNA Cups, a Lancaster-based plastics manufacturer. CBRE represented the sublandlord. 

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