New year means new deals in Dallas-Fort Worth’s industrial market as a Houston-based developer closed on two sites for new construction in the Metroplex and a 4-year-old Fort Worth business park is changing hands.
The deals come as a new warehouse report shows DFW's vacancy rate saw little change over the third quarter even as that metric increased nationwide.
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The national vacancy rate of nearly 7% and the availability rate of more than 9% show a surplus in industrial space across the country, according to ITS Logistics' U.S. Distribution and Fulfillment Index.
By contrast, the Metroplex’s industrial vacancy rate barely changed, going from 9.52% in Q3 to 9.54% in Q4.
That steady local demand was behind Alliance Industrial Co.'s announcement it would construct more than 387K SF of industrial space in Coppell and Irving, beginning work before the end of the quarter after closing on the properties at the end of 2024.
The delivery target for both sites is Q1 of next year.
The Coppell site will see the construction of 300 Freeport, a 186K SF building on just over 13 acres east of Freeport Parkway. The building will be a shallow rear-load distribution facility.
In Irving, Alliance Industrial plans a 201K SF industrial development on over 13 acres at the corner of Bent Branch Drive and Mesquite Bend Drive. The Airport Bend Commerce Center will consist of two rear-load buildings — one nearly 172K SF and the other almost 30K SF. The development is being built at the former office campus of craft retailer Michaels.
Meanwhile, in the Alliance area of Fort Worth, GTIS Partners and Hopewell Development announced Tuesday it had sold the Champions Circle Business Park, a 21-acre development featuring three industrial buildings designed for small- to mid-sized users. Terms of the deal and the buyer were not disclosed.
“The Dallas-Fort Worth MSA is among the top growth markets in terms of population and employment,” GTIS Partners' U.S. Acquisitions Managing Director David Pahl in a release.
That sentiment was reflected in the ITS Logistics report.
The U.S. saw moderate rent growth for the quarter, but the nation's annual growth rate of 2.4% reflects a slowdown from years prior. DFW's rent growth of 4.5% for Q4 was higher than the national average, albeit down from Q3's nearly 8% growth.
