JLL Welcomes Full-Building Tenant in DFW
iDC Logistics signed a five-year lease for the recently completed Fort Worth Distribution Center.
2773 Highway 114. Image courtesy of JLL Income Property Trust
JLL Income Property Trust has welcomed iDC Logistics as full-building tenant at Fort Worth Distribution Center. The REIT acquired the newly developed 350,000-square-foot warehouse last December from Stream Realty Partners. The lease features a five-year term and an annual increase of 3 percent.
Located at 2773 Highway 114, the asset is less than 3 miles from Interstate 35, some 6 miles from the Alliance BNSF intermodal rail hubs and the FedEx Southwest Regional SortHub, as well as less than 20 miles from the Dallas-Fort Worth International Airport. Completed in 2020 on 13.6 acres, the property features 36-foot clear height and excess trailer parking.
The Dallas-Fort Worth industrial market comprises more than 800 million square feet of space and ranks fourth nationally, according to recent findings by LaSalle’s Research & Strategy team. Through year-end 2020, the metro has recorded 41 consecutive quarters of positive absorption even with significant new supply. The growth has been fueled by lower taxes and a favorable business climate which supports immigration and corporate relocations—such as CBRE and Charles Schwab.
According to Allan Swaringen, president & CEO of JLL Income Property Trust, the company owns some 1.4 million industrial square feet in the metro and 9 million square feet across the country. JLL Income Property Trust remains bullish on the warehouse markets overall, with plans of increasing its portfolio.
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