E-commerce sales growth has developers kicking up dirt across North Texas as they race to meet growing demand for logistics space.
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The latest deal involves CT Realty's purchase of more than 18 acres near the old Texas Stadium site off Highway 183 in Irving for the purpose of constructing a 329K SF logistics hub.
The developer's $40M Stadium Logistics Center project will feature 36-foot clear heights, front park and rear load configurations, and other amenities attractive to companies looking for distribution space to handle growing supply-chain needs across North Texas.
The site is 6 miles away from Downtown Dallas off Highway 183 and just west of the Stemmons Freeway Corridor.
“This is an incredible 'last mile' location that is strategically centered in the DFW metroplex,” CT partner Rob Huthnance said in a statement.
Industrial activity continues apace in DFW even amid the pandemic.
The DFW industrial vacancy rate edged up 20 basis points in the second quarter to 5.9% as space availability grew to 7.6%, but demand remained strong despite the coronavirus outbreak, according to CBRE.
Of the 23.2M SF in DFW's industrial construction pipeline, about 19.2% was already pre-leased by the end of the second quarter, CBRE data shows.
NCH Corp. sold the Irving-based Stadium Logistics Center site to CT in a transaction brokered by Avison Young's Mike McElwee and JLL's Craig Jones and Randy Touchstone. Jones and Touchstone represented CT and will handle future leasing activity for the industrial hub.
California Bank and Trust provided the project's construction financing, while Talley Riggins Construction Group is handling the build-out using designs by Pross Design Group.
The site is expected to open to tenants in September 2021.
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