CenterPoint Buys Dallas Industrial Facility

2201 Chemsearch Blvd. Image courtesy of CenterPoint Properties

CenterPoint Properties has acquired Stadium Logistics Center, a 330,000-square-foot industrial building in Irving, Texas, from developer CT Realty. Ahead of its completion, the property is already fully leased to a Dallas-based company.

The warehouse was initially slated for delivery in August at an estimated construction cost of $10.7 million, a report filed with the Texas Department of Licensing and Regulations indicates. In September last year, Zions Bank provided almost $17.3 million in construction financing for the project, according to CommercialEdge data.

READ ALSO: Top 5 Industrial Properties Under Construction in Dallas-Fort Worth

Once completed, the warehouse will offer 36-foot clear heights, 46 dock-high doors, two grade-level loading doors, as well as a 185-foot truck court. The property includes an office suite and more than 290 parking spaces.

Located at 2201 Chemsearch Blvd. on an 18-acre site near the former Texas Stadium, the facility is immediately north of State Highway 183 connecting to the Dallas-Fort Worth International Airport, some 11 miles to the west. Interstates 35E is approximately 3 miles north of the asset.

This is CenterPoint’s second property in Dallas and the company’s first investment in the market in nearly eight years. The other facility is a 900,870-square-foot build-to-suit project in Wilmar, Texas, that the company developed for Ace Hardware in 2013.

Eastdil Secured’s Josh McArtor and Caitlin Clinton arranged the transaction.

DFW’s growing industrial inventory

Besides offering easy access to SH 114 and I-35 to make its distribution activities efficient and reduce transportation costs, Stadium Logistics Center is situated in a submarket with limited land available for development. This curbs the area’s risk of oversupply, CenterPoint’s Senior Vice-President of Investment Rivers Nolen commented in a prepared statement.

In October, Dallas-Fort Worth continued to lead the way for development activity, with more than 35 million square feet of industrial space underway, representing 4.3 percent of existing inventory, according to a recent CommercialEdge report. Meanwhile, absorption rates accelerated, keeping pace with new supply. In October, vacancy stood at 4.9 percent, 30 basis points lower than the previous month and 100 basis points below the national average.

Confidence in the market’s potential for expansion is reflected by recent investments. This month, a joint venture of USAA Real Estate and Seefried Industrial Properties announced plans for the development of a nearly 1.3 million-square-foot facility in Forney, Texas, some 20 miles from downtown Dallas. The project is the largest speculative development in Dallas-Fort Worth to date. Work on the industrial facility is scheduled to start in the first quarter of 2022.