PACP sells Texas industrial distribution portfolio to Mitchell Asset Group

Pacific Avenue Capital Partners has sold a Texas-based three-building industrial distribution portfolio to Mitchell Asset Group Inc. No financial terms were disclosed. Currently, the properties are fully occupied by Guardian Building Products, which was acquired by PACP in April 2018.


FORT WORTH, TEXAS (June 2018)—Mitchell Asset Group, Inc.—led by Dax T.S. Mitchell and Andrew Gi—has acquired a three-building, 320,852-square-foot industrial distribution portfolio in Texas from Los Angeles-based private equity firm Pacific Avenue Capital Partners (PACP) for an undisclosed price.

The properties are 100-percent occupied by Guardian Building Products (GBP), which was acquired by PACP in April 2018. GBP is a leading distributor of exterior building products, with over 30 branches nationwide. It will continue leasing the space long-term as part of the sale-leaseback transaction.

The acquisition comprises:
11100 Plano Road in Dallas (136,882 square feet)
3101 Aniol Street in San Antonio, Texas (104,000 square feet)

and, 1919 Avenue E in Lubbock, Texas (79,790 square feet)

“Mitchell Asset Group has completed over a dozen sale-leaseback transactions nationally in the past 15 months,” said Dax T.S. Mitchell, principal of the Fort Worth-based commercial real estate development and investment firm. “We are particularly interested in this acquisition because of the locations and Guardian Building Products’ strong operating history in these locations. GBP is a wonderful addition to our tenant roster.

“In addition to our ground-up development activity, we are continually looking to expand our sale-leaseback holdings across all property types throughout the U.S,” added Mr. Mitchell.

Mitchell Asset Group was represented by Fort Worth attorney Andy Rogers of Kelly Hart & Hallman and Los Angeles attorney Mary Garnett of Barnes & Thornburg LLP. The debt was placed with UBS by Harvey Pava and Mark Vinitsky of Walker & Dunlop’s New Jersey office. Jonathan Wolfe of STREAM Capital Partners’ Chicago office represented the seller.