CenterSquare Investment Management Acquires 181,609-Square-Foot Industrial Portfolio in Dallas-Area Irving

CenterSquare Investment Management has acquired the Belt Line Portfolio, a 181,609-square-foot multi-tenant infill industrial portfolio located in the Irving submarket of Dallas, Texas, the firm announced Sept. 2, 2026. The off-market transaction expands CenterSquare's Essential Service Industrial platform and represents the fifth ESI investment in the firm's latest Value-Added Fund.

Belt Line Portfolio: Property Overview

The Belt Line Portfolio comprises four single-story, multi-tenant industrial buildings situated along Belt Line Road in Irving, at addresses including 309 N. Belt Line Rd., 260 S. Belt Line Rd., 320 S. Belt Line Rd., and 350 S. Belt Line Rd. The buildings were constructed in 1984 using concrete tilt-wall construction and offer clear heights ranging from 18 to 20 feet, along with a mix of dock-high and grade-level loading.

The portfolio's average suite size is 3,561 square feet, with available suites ranging from approximately 2,000 to 8,500 square feet — a configuration consistent with CenterSquare's focus on small-bay, multi-tenant industrial product serving local service businesses. The portfolio was 84 percent occupied at the time of acquisition, leaving roughly 29,000 square feet of vacancy available for lease-up.

The properties sit at the convergence of several major regional thoroughfares, including Highway 183, Highway 161, Interstate 30, and Loop 12, providing tenants with broad access across the Dallas-Fort Worth metropolitan area. The location also offers proximity to Dallas/Fort Worth International Airport.

Off-Market Sourcing and Value-Add Business Plan

CenterSquare secured the acquisition off-market, which the firm attributed to its relationship-oriented sourcing approach. The value-add business plan centers on leasing the portfolio's remaining vacant suites, repositioning those spaces with additional capital investment, and marking in-place tenants to current market rents as leases roll.

Planned capital improvements include concrete repairs, exterior painting, monument signage upgrades, and deferred maintenance work on an as-needed basis.

"As our second ESI acquisition in the Dallas market, the Belt Line portfolio further expands our footprint in one of our strong target markets," said Victoria Bocanegra of CenterSquare's Private Real Estate team. "Additionally, our conviction in the sector remains strong as we continue to uncover opportunities to grow our essential service industrial portfolio."

Essential Service Industrial Strategy and Platform Scale

CenterSquare defines Essential Service Industrial as small-bay, multi-tenant industrial product — generally suites under 10,000 square feet — located in densely populated infill areas and occupied by a range of local service users including contractors, trades, specialty suppliers, and light distribution operators. The Belt Line Portfolio's average suite size of 3,561 square feet and its multi-building, multi-tenant configuration align directly with that definition.

The Belt Line acquisition brings CenterSquare's total ESI investment track record to more than 2.8 million square feet across its platform. It is the fifth ESI investment completed within the firm's current Value-Added Fund and the second ESI transaction the firm has executed in the Dallas market.

Dallas Industrial Market Context

The Irving submarket occupies a central position within the broader Dallas-Fort Worth industrial market, benefiting from its location between Dallas and Fort Worth and its connectivity to the regional highway network. Small-bay infill industrial in established, land-constrained submarkets like Irving has drawn sustained investor interest, driven by demand from local service tenants and limited new supply of functionally comparable product at this suite size.

Sources

CenterSquare Investment Management – Official Announcement