Thor Equities Group, a global leader in urban real estate development, leasing and management, is pleased to announce the sale of 350 Cypress Hill Drive, a 301,796 square foot, Class-A industrial property situated on over 16 acres in McKinney, Texas.
Featuring 190 parking spaces, 52 overhead doors, two drive-in doors, and a 130-foot truck court, the desirable Class-A structure in the Dallas-Fort Worth submarket also includes moultiple modern amenities, LED lighting, 32-foot clear heights, and build-to-suit office space.
“Demand for Class-A properties in the sought-after Dallas-Fort Worth submarket has reached a new peak which provided us with an excellent opportunity to sell this asset,” said Chairman of Thor Equities Group, Joe Sitt. “We acquired this asset as part of a larger transaction in partnership with Morgan Stanley and thank the team for trusting Thor and allowing us to showcase our ability to execute transactions swiftly.”
Thor acquired 350 Cypress Hill Drive in August of 2021 together with adjacent 3601 N. McDonald Street, a 129,914 square foot warehouse, for $35.7M. The latter asset was sold months later in January 2022 for $20M.
Thor Equities has amassed a widespread industrial portfolio with holdings in key markets in New Jersey, New York, California, Georgia, Texas, Pennsylvania, and Illinois in the US; and Spain, France, the UK, and the Netherlands abroad. In September, Thor Equities acquired its third industrial asset in New Jersey, a prime 330,000 square foot industrial facility, following the acquisitions of a 13-asset industrial portfolio in Tampa and premier cold-storage warehouse in Los Angeles leased to Anheuser Busch. Earlier this summer, Thor launched its latest venture, Thor Digital, a division specializing on the acquisition and development of data centers across Europe with an equity commitment of up to US$3 billion and goal of US$9 billion in acquisitions value.