NAI James E. Hanson on Monday said it successfully negotiated the $8.8 million sale of a specialized cold storage facility in Dallas, Texas. The transaction was structured as a 1031 exchange on behalf of Anderson & Vreeland Realty Corp., following the recent disposition of their industrial property in Fairfield, New Jersey.
The acquisition of the 20,000-square-foot facility at 4910 Joseph Hardin Drive marks a strategic pivot for the buyer, shifting capital from the Garden State to a high-demand, net-leased asset in the Dallas-Fort Worth “Silicon Prairie.”
The sale was the final step in a tax-deferred exchange that began with the $8.74 million sale of 8 Evans Street in Fairfield, N.J. In that deal, NAI Hanson represented Anderson & Vreeland in the sale of a 28,000-square-foot warehouse to an owner-user. By utilizing a 1031 exchange, the firm enabled the client to reinvest the proceeds into the Dallas asset while deferring federal capital gains taxes.
“Specialized assets like cold storage facilities are in exceptionally high demand,” said Michael Walters, executive managing director at NAI James E. Hanson. “This property checked all the boxes for a successful 1031 exchange, allowing the buyer to transition seamlessly into another high-quality, specialized industrial asset.”
The Dallas property is a highly functional food-processing facility, recently renovated to meet stringent industry standards. Key features include:
-
Strategic Tenancy: 100% net leased for 10 years to Bento Sushi, one of the largest sushi companies in North America.
-
Modern Infrastructure: Features five loading docks with distinct inbound and outbound capabilities, USDA-ready production rooms, and a full-facility sprinkler system.
-
Logistics Focus: Equipped with heavy power and 2,000 square feet of supporting office space.
The transaction required close coordination between NAI affiliates to meet the IRS’s strict 45-day identification and 180-day closing deadlines. Cameron Silverstein, Associate Vice President at NAI Hanson, worked alongside Chase Miller, Principal at NAI Robert Lynn in Dallas, to identify the replacement property and navigate the Texas market nuances.
“The coordination across markets and firms was essential,” 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 like cold storage.”
