The 1M SF Interstate Crossing logistics distribution facility in Fort Worth has landed in the hands of a new owner.
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The development's original owner, Hunt Southwest Real Estate Development, offloaded the logistics hub to an unnamed publicly traded REIT for an undisclosed amount.
CBRE’s Jack Fraker, Randy Baird, Jonathan Bryan, Ryan Thornton and Eliza Bachhuber handled negotiations for the seller.
The facility is at 1851 Northeast Loop 820, offering access to Interstate 820 and I-35 West, and comes with 40-foot clear heights, 195 truck courts and fully air-conditioned office and warehouse spaces.
The logistics hub also is near qualified logistics and transportation-oriented workers living in and around North Fort Worth.
"The sale of Interstate Crossing, originally developed as a speculative project, resulted in a significant and positive outcome for our stakeholders, the Lamar Hunt Family,” Hunt Southwest President T. Preston Herold said in a press statement.
The DFW industrial market is red-hot with quarterly net absorption reaching a historic high of 10.2M SF in Q1 2021, according to Transwestern's First Quarter Industrial Report. Because of this high level of absorption, the market's vacancy rate in Q1 fell 40 basis points in just one quarter, Transwestern reported.
Hunt Southwest has been working to meet that demand by launching spec projects all around the DFW metro, most recently in Denton and Forney.
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