An industrial improvement firm that just lately relocated from California to Dallas has landed a $475 million dedication from a brand new companion.
Xebec Realty has shaped an fairness funding partnership with BentallGreenOak, the worldwide actual property funding advisor.
The brand new enterprise will fund U.S. logistics initiatives throughout the nation.
“We’re thrilled to start this strategic relationship with BentallGreenOak,” Randy Kendrick, Xebec’s co-founder and Chief Government Officer, mentioned in a press release. “Our new ventures with BentallGreenOak present Xebec with deep entry to capital for each Xebec’s present core portfolio in addition to future executions, which is able to speed up Xebec’s funding technique and we consider will create important worth.
“We sit up for the thrilling development alternatives forward as Xebec, in partnership with BentallGreenOak, continues its trajectory to be a nationwide chief within the funding in and administration of commercial logistics actual property.”
Xebec Realty in 2018 moved its head workplaces from Southern California to downtown Dallas.
Xebec just lately bought greater than 250 acres of in Wilmer’s Southport Logistics Park south of Dallas. The developer plans to construct two warehouses with greater than 1 million sq. toes every.
The brand new buildings are set to open in early 2022.
“The influence of the COVID-19 pandemic on retail distribution has additional catalyzed an already robust development story for the commercial logistics actual property sector as e-commerce occupiers proceed to broaden their present footprint,” Kendrick mentioned. “Xebec is targeted on offering high-quality asset options to tenants with direct entry to distribution channels and intermodal entry to the worldwide logistics provide chain.”
The Dallas firm’s new companion – BentallGreenOak – oversees greater than $60 billion in property worldwide.
Steve Reents, Managing Director, Investments for BentallGreenOak mentioned, “BentallGreenOak ‘s focus on rising our strategic allocations within the U.S. industrial asset class is made stronger by partnerships just like the one we’ve established with Xebec, a best-in-class investor within the logistics sector,” Steve Reents, Managing Director of Investments for the agency sale. “Our partnership with Xebec has enabled BentallGreenOak to realize further scale with the current acquisition of a majority curiosity in a contemporary, prime quality, Class A portfolio with a focus in Southern California’s in-fill industrial markets and opens the door to many extra joint funding alternatives for the longer term.”