Scannell Properties Sells 798 KSF Fort Worth Logistics Park
- Dec 09, 2020
James Campbell Co. has acquired Speedway Logistics Crossing, a newly built warehouse campus encompassing 798,246 square feet in Fort Worth, Texas. Scannell Properties, which also developed the properties, was the seller.
James Campbell funded the acquisition through two self-financed loans totaling $71.2 million, which mature in April 2021, according to public records.
Located on 55 acres at 2660 and 2401 Petty Place, the warehouse campus which includes two facilities dubbed Building 1 and 2, came online earlier this year. Both facilities feature a 36-foot clear height, ESFR sprinkler systems, a low office finish and a total of six drive-in and 134 dock-high doors. The park is within 3 miles of Interstate 35W and roughly 19 miles northwest of DFW International Airport.
At the time of sale, Speedway Logistics Crossing had an occupancy rate of 82 percent. AmerCareRoyal fully occupies the 390,006-square-foot Building 2 and has more than 10 years remaining on its lease, which features 2.5 percent annual rent increases. WABTEC occupies 265,000 square feet in the 408,240-square-foot Building 1 and has 15 years and 6 months left on its contract, which features yearly rent escalations of 2.35 percent.
The JLL team that assisted the seller included Senior Managing Director John Huguenard, Managing Director Dustin Volz, Senior Director Stephen Bailey, Director Dom Espinosa and Analyst Zach Riebe. Earlier this month, JLL closed the sale of the 155,425-square-foot Park Row Logistics Center in Arlington, Texas.