ProLogis to Increase Presence in Fort Worth with New 2MSF Park
- May 16, 2008
Later this year, Denver-headquartered ProLogis will commence development of ProLogis Park Fort Worth on a 130-acre site in the North Fort Worth submarket. At full build-out the industrial complex will encompass seven structures containing a total of 2.1 million square feet of distribution space. ProLogis will invest $100 million to develop ProLogis Park Fort Worth, its first project in the North Fort Worth submarket. “Demand in North Fort Worth has been consistent and we have been monitoring the area for a while,” Rob Huthnance, first vice president & Dallas market officer, told CPN today. “It is very well-leased compared to the overall Dallas/Fort Worth market; the vacancy rate is about 6.6 percent.” The overall average vacancy rate for industrial properties in the greater Dallas/Fort Worth area is 9 percent, according to a first quarter 2008 by real estate services firm Grubb & Ellis Co.With a location off I-35 and Loop 820, and within 20 miles of the Dallas Fort Worth Airport, the property will be well positioned to attract leading distribution facility users. The initial stage of the multi-phase project will kick off with construction of a 525,000-square-foot cross-dock facility. Remaining stages of the park will be developed as necessitated by the market. And if the market should demand even more, ProLogis owns additional land in the Dallas/Fort Worth area on which it could build approximately 6 million square feet of industrial offerings. “We have a building under construction at ProLogis Park 20/35 in Lancaster, and will move forward with other developments as demand dictates,” said Huthnance. With a portfolio of 139 owned, managed or in-progress facilities containing an aggregate 23 million square feet, the company already holds the distinction of being the largest industrial distribution space provider in the Dallas/Fort Worth area. With operations spanning 121 markets in North America, Europe and Asia, ProLogis is the largest owner, manager and developer of distribution faculties in the world. As of the close of the first quarter, the company’s portfolio of owned, managed and in-progress facilities encompasses 526.3 million square feet of space in 2,817 properties valued at an aggregate $38.8 billion. Company stock opened today at $65.59.