Industrial Boom Prompts The Allen Group To List 650 Acres
The Allen Group is ready to unload 650 acres of coveted South Dallas land after observing explosive demand for industrial acreage and assets across the DFW Metroplex.
The industrial frenzy reached such a fevered pitch that the company hired JLL to market for sale 21 parcels at the intersection of Interstate 45 and Interstate 20 within the Dallas Logistics Hub.
The land up for grabs is in a planned development zone, which means the area “allows many different uses, primarily industrial,” but other uses could also apply, JLL Vice President Randy Touchstone told Bisnow.
Touchstone and JLL Managing Director Terry Darrow are leading the sales effort.
Touchstone also stressed potential buyers have the option of purchasing the parcels outright and the land is ready and primed for development.
Why now, when The Allen Group has owned this acreage since 2007?
Look no further than today’s booming industrial market for the answer.
“Industrial demand is being driven by the strong DFW market and the excellent business climate in Texas and in the area specifically, it is being driven by the large tracts of land that are available and the interstate system,” Touchstone said.
The parcels range from 5.7 acres to 114 acres and are immediately available for development, with prices ranging from $1.75 to $3/SF, according to JLL.
While Touchstone noted The Allen Group has been trying to find buyers all along, they also are a land investor looking to maximize the value of their holdings, and market data suggests now is prime time for selling quality parcels in DFW industrial hubs.
The DFW industrial market has historically low vacancy rates, according to JLL data.
In the first quarter of 2019, the industrial vacancy rate for the area hovered at 7.3% even as the market added more than 7.1M SF of new industrial space and has another 29.3M SF under construction, JLL said.
“Dallas-Fort Worth is home to the most active industrial market in the U.S.,” Touchstone said. “This exclusive listing provides easy access to multiple highway systems, Class I Intermodal, the region’s deep and diverse labor pools, and the opportunity to benefit from our state’s strong economic fundamentals and population growth.”
Any investors or developers who acquire parcels up for grabs will benefit from having land near I-35, the future Loop 9 and the Lancaster Airport, JLL said.