FREO has made its first acquisition in the United States purchasing an 11-asset, 52-building industrial portfolio totaling 1.63 million square feet in infill, established industrial submarkets in the Dallas-Fort Worth and Atlanta MSAs. The portfolio was acquired from Berkeley Partners.
The 87.3-percent-leased portfolio includes seven DFW-area properties that total 1.07 million square feet in five Industrial markets, South Fort Worth, North Fort Worth, Northeast, South Stemmons and Metropolitan/Addison. The 28 buildings are categorized as either warehouse or light industrial and are leased to 149 tenants. The four remaining portfolio properties are housed in the Atlanta area and comprise 24 light industrial buildings totaling 558,583 square feet all in the Doraville Industrial market. The Atlanta properties are home to 183 tenants.
The business plan is to lease up remaining vacancies and increase rents at the properties.