DFW Industrial Park Lands $40M Equity
- Feb 15, 2018
Copeland Commercial LLC received $40 million in equity for the development of the DFW Commerce Center, a 1 million-square-foot Class A industrial property located on Dallas/Fort Worth International Airport’s land in Irving, Texas. HFF arranged the funding.
DFW Commerce Center will consist of four buildings totaling 2.8 million square feet. Plans for phase 1 include a cross dock distribution and warehouse building that will offer 40-foot clear heights, 184 dock doors designed for light to heavy distribution, with significant overflow parking to accommodate e-commerce users.
The project will be situated at the intersection of West Walnut Hill Lane and East Airfield Drive on 57.8 acres on the DFW Airport land, subject to a 40-year ground lease. Just south of the main airport taxiway, the center will be less than two miles north of West Airport Freeway and one mile west of Texas 161.
The HFF team included Executive Managing Director Joe Thornton, Jr., Managing Director Adam Herrin and Director Stephen Bailey.
Copeland Commercial has a development track record that includes 210 buildings, 41.2 million square feet and $2 billion in gross asset value.
According to Colliers 4Q 2017 Market Report, the Dallas-Fort Worth industrial market remained hot in 2017, posting the second-highest net absorption—23.6 million square feet—just 1.9 million behind 2016’s total. Additionally, the vacancy rate rose due to the large amount of spec deliveries, at 5.9 percent.
Earlier this week, HFF landed a construction loan for the 1.4 million-square-foot Gateway Logistics Center at Dallas/Fort Worth International Airport, right after securing a joint venture equity partner for the developer.
Image courtesy of HFF