CT, Port Logistics Realty Begin New Spec Distribution Hub in Suburban Dallas
Newport Beach, CA-based CT and its affiliate, Dallas-based Port Logistics Realty, have begun construction on a new 401,577-square-foot speculative distribution hub and warehouse in Grand Prairie, an adjacent suburb on the west side of downtown Dallas.
Upon its completion, the soon-to-be built industrial facility, known as Oakdale Logistics Center, would sit on a 24-acre parcel at 949 W. Oakdale Road. The new facility is being built in North Texas’ Great Southwest submarket, which has been popular with developers because of its infill proximity in the region.
The partnership acquired the “ideal” development site in a deal last year, said Rob Huthnance, president of Port Logistics Realty.
Huthnance said land availability has become scarce in the region, and the Great Southwest submarket has been an in-demand submarket with a net absorption of 4 million square feet of space in 2017.
CT and Port Logistics Realty aren’t the only developers to get started on new industrial projects in the Great Southwest. Last month, LaSalle Investment Management and Stream Realty Partners began construction on a 271,794-square-foot speculative logistics center along the Great Southwest Parkway in Grand Prairie. This is only a month after Dallas-based Jackson-Shaw and Boston-based GID started work on a two-building, 292,700-square-foot industrial hub, called Parc Southwest, in Irving.
The Oakdale Logistics Center is designed with 32-foot clear heights, 75 dock-high doors and four grade-level doors. The facility is being built to be accessible with 185-foot deep truck courts.
The Great Southwest has a 5 percent vacancy rate on bulk distribution space, with about 102 million square feet of industrial space in the submarket. This is one of the largest industrial submarkets in the greater Dallas area.
The Oakdale Logistics Center marks the third joint venture for CT and Port Logistics Realty. The duo recently completed another Grand Prairie industrial building last year, and is also working in conjunction with venture partner Diamond Realty Investments, a wholly owned subsidiary of Mitsubishi Corp., on the 9 million-square-foot Southport Logistics Park in Wilmer, which sits to the south of downtown Dallas.
The initial phase of Southport Logistics Park was completed last year.
But these might not be the last projects worked on by CT and Port Logistics Realty, with CT actively seeking additional land holdings this year in top-tier distribution markets, such as Atlanta, Chicago, New Jersey, Dallas-Fort Worth and northern California. Currently, CT has enough land holdings to support as much as 15 million square feet of new industrial building in the next five to seven years.