Birtcher Anderson & Davis and Belay Investment Group Complete Disposition of Whitlock I Industrial Property in Carrollton, Texas

CARROLLTON, Texas — Birtcher Anderson & Davis Associates, Inc. and Belay Investment Group announced the completed sale of Whitlock I, a two-building, multi-tenant industrial property totaling 49,650 square feet located at 1415 and 1425 Whitlock Lane in Carrollton, Texas. The transaction closed February 3, 2026, with marketing efforts led by Stream Realty Partners.

The sale price and buyer were not disclosed.

Industrial Real Estate Asset Overview

Whitlock I comprises two warehouse and light industrial buildings within the North Dallas industrial market, one of the Dallas–Fort Worth metro area's most established industrial submarkets. The building at 1415 Whitlock Lane totals 27,235 square feet, while the building at 1425 Whitlock Lane totals 22,415 square feet, for a combined 49,650 square feet. The property serves a diverse, multi-tenant base and was 100 percent occupied at the time of sale.

Birtcher Anderson & Davis acquired Whitlock I in December 2021 as part of a larger portfolio. Although the asset was fully leased at acquisition, in-place rents were below prevailing market rates, presenting an opportunity to execute a value-add strategy through rent growth and targeted capital improvements.

Value-Add Execution and Rent Growth

During the hold period, Birtcher Anderson & Davis increased rental rates in step with strengthening market fundamentals while maintaining high occupancy. As suites turned over, the firm renovated interior spaces and completed selective exterior improvements to enhance curb appeal, functionality, and overall market positioning. Those efforts supported stronger leasing results, higher rents, and continued tenant retention.

At the time of sale, in-place rental rates stood at approximately $9.91 per square foot, up from $6.93 per square foot at acquisition — an increase of roughly 43 percent over the hold period. The property was 100 percent occupied at closing.

"We are pleased with our favorable exit from Whitlock I and believe the outcome reflects both the strength of our initial investment thesis given our attractive basis, accretive financing, and positioning a strong infill submarket, as well as the BA&D team's disciplined execution of our value-add business plan. We appreciate our continued partnership with BA&D and look forward to pursuing additional opportunities together," said Eliza Bailey, Co-Founder, CEO & CIO of Belay Investment Group.

Programmatic Partnership

Whitlock I reflects the broader programmatic partnership between Belay Investment Group and Birtcher Anderson & Davis, in which Belay serves as the institutional capital partner and BA&D functions as the operating partner responsible for acquisitions, leasing, and asset management.

Belay Investment Group describes its investment approach as providing institutional access to small- and middle-market real estate opportunities through programmatic partnerships with specialized operators. The firm pursues both equity and debt opportunities across the risk spectrum, property types, and geographies.

About the Firms

Birtcher Anderson & Davis is a California-based, privately owned real estate investment, development, and property management firm headquartered in San Juan Capistrano, California, with additional satellite offices in California, Nevada, and Arizona. The firm is a vertically integrated real estate operating company focused on acquiring value-add, middle-market, multi-tenant warehouse and light industrial properties in high-growth U.S. markets.

Belay Investment Group, LLC is an institutional real estate investment management firm focused on providing scalable access to small-scale real estate through programmatic partnerships with locally entrenched and specialized operators across the United States. The firm pursues investment opportunities across the risk spectrum, property types, and geographies, including both debt and equity.

Sources: Belay Investment Group — Whitlock I Disposition Announcement (June 2, 2026)