June 27–A Fort Worth property investor has purchased a huge former vehicle assembly plant in Garland.
Fort Capital purchased the more than 600,000-square-foot former Navistar International truck manufacturing center and warehouse at 4040 Forest Lane.
The new owner plans to upgrade and market the buildings to other companies.
“This acquisition marks a big day for Fort Capital–it shows our commitment to establishing a best-in- class industrial platform,” managing director Sarah LanCarte said in a statement. “We are very focused on the B class industrial market and believe D-FW and Texas provide the right markets for the assets to flourish for many years to come.”
The Garland manufacturing complex is Fort Capital’s largest acquisition so far.
The company’s year-old industrial division plans to buy 2 million square feet of real estate by next year.
With the purchase of the former Navistar plant, the company owns 1.1 million square feet and has another 250,000 square feet of property under contract to purchase.
Fort Capital was founded in 2005 and has more than $220 million in multifamily, student housing, industrial, commercial and land properties in Texas.
Garland’s Navistar plant closed in 2013 when the company shifted production to other facilities in Mexico and the Midwest.
About 900 people worked in the Forest Lane plant before it closed.
(c)2018 The Dallas Morning News
Visit The Dallas Morning News at www.dallasnews.com
Distributed by Tribune Content Agency, LLC.