4910 Joseph Hardin Drive in Dallas, Texas — Courtesy: NAI James E. Hanson
By Joshua Burd
The recent seller of a Fairfield industrial site has acquired a property in Texas as part of a now-completed 1031 like-kind exchange, according to brokers with NAI James E. Hanson.
The buyer, Anderson & Vreeland Realty Corp., paid $8.8 million for the 20,000-square-foot cold storage facility at 4910 Joseph Hardin Drive in Dallas. The brokerage team noted that the net-leased property, which has some 2,000 square feet of office space, is recently renovated with five loading docks with separate inbound and outbound shipping capabilities, heavy power, full sprinkler coverage, USDA-ready production rooms and heavy car parking.
The deal follows Anderson & Vreeland’s recent sale of the Fairfield property, 8 Evans St., which has a 28,000-square-foot warehouse with industrial outdoor storage space on 3.35 acres just off Route 46.
“Specialized assets like cold storage facilities are in exceptionally high demand, particularly when they are move-in ready and equipped to support food production and distribution,” NAI Hanson’s Michael Walters said. “This property checked all the boxes for a successful 1031 exchange, allowing the buyer to transition seamlessly from the disposition of 8 Evans Street to another high-quality asset.”
Walters, executive managing director for corporate services with the firm, and Associate Vice President Cameron Silverstein represented Anderson & Vreeland in the transaction with the seller, CanTex Capital. NAI Robert Lynn Principal Chase Miller assisted with the 1031 exchange.
They noted that Bento Sushi, an international food service provider, occupies the Dallas building on a 10-year net lease.
“The coordination across markets and firms was essential to meeting the strict timelines required for a 1031 exchange,” Silverstein said. “This transaction underscores the value of having experienced advisors who understand both the technical requirements of tax-deferred exchanges and the nuances of specialized industrial assets.”
