CT Realty and Port Logistics Realty have broken ground on a third major logistical project in the Dallas-Fort Worth area: Oakdale Logistics Center in Grand Prairie.

The 400K SF project, located in the Great Southwest industrial submarket, follows two other ventures: an industrial project in Grand Prairie in 2017 and the 9M SF Southport Logistics Park, an ongoing phased development, in Wilmer. Diamond Realty Investments, a wholly owned subsidiary of Mitsubishi Corp., was a venture partner on Southport Logistics Park.

"We are excited to have found such an ideal site for the development of this Class-A distribution facility in the absolute heart of the Metroplex, where land availability has become so scarce," PLR President Rob Huthnance said in the Oakdale announcement. "The Great Southwest submarket has long been in high demand and experienced net absorption of 4M SF in 2017."

Oakdale Logistics Center is projected for completion in Q1 2019.

Cushman & Wakefield's occupancy and activity data for Q1 2018 shows Great Southwest with an overall 8.4% vacancy rate on 107M SF of industrial inventory. Quarterly net absorption was 964K SF, with 2.9M SF under construction. Current overall asking rent is $4.66/SF.