Pier 1 Imports distribution center in CentrePort sold

Industrial Property Trust has bought a huge distribution center in CentrePort in east Fort Worth leased by Fort Worth-based Pier 1 Imports.

IDI Gazeley, a part of Brookfield Logistics Properties, on Oct. 29 sold the 310,000-square-foot building, which is located on 14.2 acres at 14900 Trinity Blvd., said HFF, the commercial real estate and capital markets services firm that represented the seller.

A sale price was not disclosed. HFF said Industrial Property Trust paid cash for the property. The building was completed in 1994 and features 29 loading docks.

The Tarrant Appraisal District valued the property this year at $7.3 million. CentrePort is south of Dallas-Fort Worth Airport.

Denver-based Industrial Property Trust began acquiring property in January and by the end of September said it had bought 15 buildings totaling 1.9 million square feet in eight major markets for $147.9 million, according to company news releases.

IDI Gazeley bought the property in December 2011 from an entity of Duke Realty, deed records show.