Cohen Asset Management warehouse buys mystery tenant

Left to right: Jason Haas of Cohen Asset Management and Jonathan Bryan of CBRE with 1700 North Goode Road (Getty, Loopnet, LinkedIn, CBRE)

Cohen Asset Management has just added another industrial asset to its Texas portfolio.

The Los Angeles-based investor has more than 7 million square feet currently under management in Texas, according to the Dallas Morning News. His latest purchase is Sunridge II, a new distribution center in Wilmer. The nearly 700,000 square foot industrial building located at 1700 North Goode Road in Sunridge Business Park is close to Interstate 45 and the Union Pacific Intermodal Freight Terminal. Business park tenants include Unilever, Osborn-Hessey, Sprouts, Ace Hardware and Medline, occupying over 2.6 million square feet of space.

The property was sold by its developer, Scannell Properties, which completed construction earlier this year. The building is so new that the Google StreetView of 1700 North Goode Road still shows an open field.

CBRE Group handled the sale. CBRE director Jonathan Bryan boasted that the building was “100% leased to a single tenant with over 10 years of lease term remaining.” This tenant has not been named by CBRE and no business is registered at 1700 North Goode Road. The industrial building’s listing on PropertyShark – which has been updated to show the property as sold – has Sunridge II marked as vacant.

Sunridge II is Cohen’s second warehouse purchase in Texas since October, when it purchased the new HWY 114 distribution center, a 568,600 square foot facility in Roanoke.

Maddy Sperling

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