Perot Development Lands Equity, Financing for 2.4 MSF Dallas Project
- May 15, 2020
Perot Development Co.’s creation of DFW Park 161, an approximately 2.4 million-square-foot industrial campus in Irving, Texas, continues with new financing in place. Acting on behalf of Perot, JLL Capital Markets secured Invesco Real Estate as an equity partner for the Class A project and also arranged construction financing.
Located at 5150 State Highway 161, just across the thoroughfare from a DART station, the Halff Associates-designed DFW Park 161 will ultimately consist of four state-of-the-art buildings on 196 acres at the east end of Dallas Fort Worth International Airport within the DFW Airport/Las Colinas submarket. “Irving-Las Colinas’ premier location, unparalleled global access and a strong educated employment base makes our community a desirable location for industrial, commercial and residential development,” Beth Bowman, president & CEO of the Greater Irving-Las Colinas Chamber of Commerce & Irving Economic Development Partnership, told Commercial Property Executive.
With Peinado Construction aboard as general contractor, Perot broke ground on the initial phase of DFW Park 161 in February 2020, paving the way for the delivery of Logistics Centers 9, 10 and 11. The three facilities will serve as an e-commerce hub encompassing a total of roughly 1 million square feet spanning 95 acres, with the largest building offering 646,200 square feet of space and the smallest featuring 156,200 square feet. Construction financing for the project came in the form of a five-year construction loan, which the JLL Capital Markets team of Stephen Bailey, Dustin Volz and John Rose placed with an unidentified lender.
Big demand in big D
The Dallas-Fort Worth industrial market remained robust in the first quarter of 2020, recording positive net absorption totaling 3.1 million square feet, even as the market continued to lead the country in construction activity, according to a JLL report. And with the COVID-19 pandemic sparking greater e-commerce activity, construction is still highly active. Earlier this month, Logistics Property Co. announced plans to break ground on its third building at Southport Logistics Park in Wilmer, Texas, and in April, Conor Commercial Real Estate broke ground on Skyline Commerce Center, an approximately 198,100-square-foot development in Mesquite, Texas. “Recently, competition at all phases of the real estate life cycle has been felt by tenants, landlords and developers,” according to the JLL report.
Perot has not yet announced plans for the second phase of DFW Park 161, which will be a build-to-suit e-commerce facility with the potential to offer more than 1.4 million square feet of space. In the meantime, Cushman & Wakefield is spearheading leasing activity for the first phase of the project.