Benjamin Moore’s Expansion in Dallas-Forth Worth
- Nov 14, 2019
Paint and coatings powerhouse Benjamin Moore has expanded its operations in metro Dallas-Fort Worth by leasing a 238,000-square-foot regional distribution center in Lewisville, Texas. Cushman & Wakefield represented Benjamin Moore in the transaction.
The building is at 2525 E. State Highway 121, in the Far North/I-35 submarket. Benjamin Moore’s growth in the region prompted the company to move distribution out of a 70,000-square-foot property in Mesquite, about 40 minutes away. The Mesquite location will continue to serve as a manufacturing facility.
Benjamin Moore considered several Dallas-area cities before selecting Lewisville, Mark Collins, managing director at Cushman & Wakefield, said in a prepared statement. He and colleagues Dean Collins and Bill Brown represented Benjamin Moore in its search. The lease is a long-term deal, Mark Collins added, and the distribution center is strategically located on the north side of East State Highway 121, in a fast-growing area of Lewisville that includes multiple distribution centers. The property is directly across the Sam Rayburn Tollway from the Castle Hills development and a short drive from Plano’s Grandscape and Legacy West.
Along with industrial properties, the Dallas suburbs are attracting a surge of mixed-use and residential developments, such as Castle Hills. In June, Commercial Property Executive spoke with Eric Stanley of Bright Realty about the area’s 324-acre live/work/play project.
Texas-sized industrial growth
The Metroplex’s industrial property market has shown strong momentum this year, with a record 30 million-plus square feet of space under construction, according to a third-quarter report from Cushman & Wakefield. Even so, vacancies have tightened as absorption outpaces deliveries, and build-to-suits comprise nearly half of 2019 completions.
The Far North/I-35 submarket has an overall vacancy of 3.8 percent on an inventory of 21 million square feet. Year-to-date absorption there has been 171,700 square feet, versus 80,000 square feet delivered this year and 484,800 square feet under construction, again per Cushman & Wakefield.