CRANE REPORT: DEVELOPERS PLOT $40 MILLION INDUSTRIAL PARK TO MEET E-COMMERCE DEMAND
DEAL OF THE WEEK
National industrial real estate investment and development company CT Realty has purchased an 18.46-acre infill site in Irving, the future home of Stadium Logistics Center. The $40 million project will meet the surging demand for supply chain distribution space amid spiking e-commerce sales growth. The spike in e-commerce growth in the wake of the pandemic is set to push online sales to $700 billion in 2020, an 18 percent increase over last year, and a significant demand driver for distribution space nationwide.
The property is next to the former Texas Stadium in the South Stemmons industrial submarket, where the current vacancy is below 4 percent against an inventory of 120 million square feet.
CT purchased the site from long-term owner NCH Corporation, represented in the transaction by Mike McElwee at Avison Young. Craig Jones and Randy Touchstone at JLL represented CT and will handle leasing of the project planned for completion in September 2021.
The general contractor is Talley Riggins Construction Group, and the project is being designed by Pross Design Group, both based in the Dallas area. California Bank and Trust will provide construction financing.