Logistics Property Co. Inks 1 MSF Lease at DFW Industrial Development
- Apr 18, 2019
Logistics Property Co. LLC has signed iconic CPG manufacturer JM Smucker Co., to a 1.1-million-square-foot lease at Southport Logistics Park, a 252-acre master-planned logistics space situated in Wilmer, Texas.
Located at 1200 Fulghum Road in the South Dallas submarket of Dallas-Fort Worth, the property expands LPC’s footprint in the transportation hub of North America.
Phase I of the park includes five buildings totaling more than 3.8 million square feet, along with roads and utilities supporting the entire area. The Southport segment will eventually house more than 3.5 million square feet of Class A industrial space in four buildings.
“Southport Logistics Park’s first two state-of-the-art logistics facilities are now 100 percent leased,” Kent Newsom, Logistics Property Co.’s executive vice president – South Region, told Commercial Property Executive. “Additionally, LPC’s business model allows for further expansion, so we’re excited to now be marketing Phase III, a 1.2 million-square-foot speculative build-to-suit pad.”
Located 1 mile east of Interstate 45 and the Union Pacific Intermodal, and 5 miles south of Interstate 20, Southport offers tenants a premier logistics location within Dallas-Fort Worth.
According to Newsom, the logistical advantages of the property include its proximity of just 1,500 feet to Union Pacific Intermodal Gate, as well as its direct access to Houston via I-45, while being only 15 minutes from downtown Dallas. Southport is also just 3 miles from the second-busiest FedEx Ground hub in the U.S.
“It’s less than 48 hours from every major market in North America, so it’s the perfect logistics and manufacturing center for all types of operations, big or small,” he said.
CBRE’s Senior Vice President Kacy Jones, and Vice President John Hendricks represented the landlord in the deal, while JM Smucker was represented by a Colliers International team of Allen Gump, executive vice president–Dallas; Lynn Reich, executive vice president–Chicago; and Suzanne Serino, vice president–Chicago.
In November, Logistics Property Co. broke ground on a logistics facility in Kenosha, Wis. Dubbed 94 Logistics Park, the project is scheduled for completion by this summer and will comprise 1 million square feet.