CT REALTY ACQUIRES INFILL PARCEL FOR INDUSTRIAL DEVELOPMENT IN THE HEART OF THE DALLAS/FORT WORTH METROPLEX
DALLAS/Fort Worth, TX – CT Realty has acquired a prime 18.46-acre infill site where the company will develop Stadium Logistics Center, a 329,402-square-foot industrial building slated to break ground later this month. The $40 million project will meet the surging demand for supply chain distribution space amid spiking e-commerce sales growth. The development represents CT’s longstanding nationwide industrial logistics investment and development strategy, including an emphasis in the DFW Metroplex.
“CT made an enormous commitment to the greater DFW market almost ten years ago and we couldn’t be more pleased with our positioning in one of the largest industrial/logistics markets in the U.S. with over 850 million square feet of standing inventory,” said Rob Huthnance, the CT partner responsible for Midwest and East Coast development and operations. “This is an outstanding property next to the former storied Texas Stadium and fronting Highway 183 with a six-mile run to downtown Dallas. This is an incredible “last mile” location that is strategically centered in the DFW metroplex.”
The site offers 470 feet of frontage on Highway 183 immediately west of the I-35 Stemmons Freeway in the established South Stemmons industrial submarket, where current vacancy is below 4% against an inventory of 120 million square feet. Dallas Love Field Airport is 5 miles to the east and DFW International Airport is located 7.5 miles west.
Stadium Logistics Center features 36-foot clear height and a front park/rear load configuration that is ideal for goods distribution and in high demand by supply chain users.
E-commerce sales, an already strong and growing demand driver for industrial distribution space, have spiked during the coronavirus pandemic and are estimated to grow by 18% this year, the highest year over year increase on record according to eMarketer. E-commerce growth has reshaped industrial demand for the last several years, placing a premium on infill sites within densely populated areas.
CT purchased the site from long-term owner NCH Corporation who was 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, which is 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. Construction financing will be provided by California Bank and Trust.
CT has also recently sold two buildings totaling 880,000 square feet in Fort Worth and just broken ground on 1.2 million square feet in two industrial buildings in Columbus, Ohio. The company also has significant developments underway in California, where CT has just purchased 310 acres in the Inland Empire and acquired another 160 acres next to an existing CT project in Stockton. CT has additional developments underway in New Jersey, Indianapolis and Atlanta.