Already a hot market for industrial real estate, North Texas will be home to yet another speculative industrial development.
Stream Realty Partners partnered with LaSalle Investment Management in February to purchase 14.34 acres where Parkway Logistics Center will be built. Now, ground has broken on the 271,794-square-foot project at 2911 S. Great Southwest Parkway in Grand Prairie, which will be located across from the Grand Prairie Municipal Airport and offer access to state highways 360 and 161 and interstates 20 and 30.
Parkway Logistics Center, set to be completed laster this year, will be a Class A industrial facility that can be divisible into 50,000-square-foot spaces. It will feature parking for up to 69 trailers and more than 100 vehicles, and have 44 dock-high loading bays
“The attributes of this in-fill land site are fantastic and we are excited to grow our relationship with LaSalle who is one of our biggest clients in this area of DFW,” Cannon Green, managing director and partner with Stream’s DFW office, said in a prepared statement. “We are confident that demand will continue to remain robust in this submarket, and in Dallas-Fort Worth overall. Parkway Logistics Center is a great project to capitalize on this trajectory.”
Green and Luke Davis, a vice president at Stream, represented the purchasers in buying the land for the industrial center. Todd Noonan, senior vice president with Stream, represented the seller.
According to a recent report from real estate giant CBRE (NYSE: CBRE), Dallas-Fort Worth is a top market for industrial deals, with 802 million square feet of industrial space. That ranks the region third in the U.S.
Absorption of that space has paced similar to the rate of construction, totaling more than 20 million square feet in 2016 and 2017.
DFW is also poised to continue its industrial dominance, with CBRE telling the Dallas Business Journal that it’s tracking more than 15 million square feet of active industrial deals in the market. More than 10 million of those deals are looking for more than 500,000 square feet of space.
“Demand remains very healthy,” said Ryan Keiser, a senior vice president in CBRE’s advisory and transaction services group in Dallas. “If the majority of these deals in the marketplace land, it’s going to be a close to record-setting year, if not record-setting.”
Largest North Texas Industrial Leases
Ranked by Lease Category
Rank Date of Transaction Tenant 1 Exel Inc. – Exel Inc. 2 NFI Industries – NFI Industries 3 The Container Store – The Container Store View This List