New York, NY, Oct. 20, 2022 (GLOBE NEWSWIRE) -- 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.
About Thor Equities Group
Thor Equities is a leader in the development, leasing and management of office, industrial, laboratory, residential, hotel and mixed-use assets in premier urban locations worldwide. The company operates in major cities around the globe and has a property portfolio totaling $20 billion with a development pipeline in excess of 50 million square feet. Thor has a strong presence on three continents and in addition to its US holdings, the company has assets in European gateway cities including London, Paris, Madrid, and Milan, and is the largest developer in Mexico through its Latin American division with a development pipeline of over 18 million square feet. Thor maximizes returns for institutional investors by recognizing a property’s potential, reducing operating expenses, increasing tenant satisfaction, leveraging market trends to maintain a long-term competitive edge. For more information, visit www.thorequities.com.
