Dallas, Texas – NAI James E. Hanson, the largest New Jersey-based full-service independent commercial real estate firm, negotiated the $8.8M sale of a 20,000-square-foot cold storage facility located at 4910 Joseph Hardin Drive in Dallas, Texas. The transaction was completed as part of a 1031 exchange following the recent sale of 8 Evans Street in Fairfield, New Jersey.
NAI James E. Hanson’s Michael G. Walters, SIOR, Executive Managing Director, Corporate Services, and Cameron Silverstein, Associate Vice President, represented the buyer, Anderson & Vreeland Realty Corp., in the transaction with the seller, CanTex Capital. NAI Robert Lynn Principal Chase Miller, SIOR, assisted with the 1031 exchange.
4910 Joseph Hardin Drive is a 20,000-square-foot cold storage facility with approximately 2,000 square feet of office space. Net leased to Bento Sushi, a leading international food service provider, for 10 years, the recently renovated property features five loading docks with separate inbound and outbound shipping capabilities, heavy power, full sprinkler coverage, USDA-ready production rooms, and heavy car parking.
“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,” said Walters. “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.”
“The coordination across markets and firms was essential to meeting the strict timelines required for a 1031 exchange,” added Silverstein. “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.”
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