Invesco Real Estate JV Breaks Ground on Dallas-Area Industrial Park – What is a Ground Lease?
Dallas, Development, Industrial, News, Southwest, Bandera Ventures, Invesco Real Estate, JLL
A joint venture between Invesco Real Estate and Bandera Ventures has broken ground on Southport Logistics Center, a two-building, 1.5 million-square-foot industrial park in Wilmer, Texas. Completion is expected in the third quarter of this year.
JLL Managing Directors Kurt Griffin and Nathan Orbin, alongside Senior Associate Dalton Knipe, are the property’s leasing brokers. Griffin anticipates various capabilities within the space, which will be exploited particularly during possible re-shorings of manufacturing operations.
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“Whether it’s serving as a hub for third-party logistics centers, facilitating the distribution and fulfillment needs of e-commerce retailers or supporting various manufacturing types in the market, the center offers versatile solutions for businesses to optimize their operations, enhance supply chain efficiency and meet their storage, distribution and manufacturing goals,” Griffin told Commercial Property Executive.
An industrial development taking shape near Dallas
Located in a designated foreign-trade zone at 1900 Southport Parkway and 1701 E. Pleasant Run Road, Southport Logistics Center comprises two buildings of 746,420 and 744,452 square feet, respectively. The cross-dock facilities feature 40-foot clear heights, 60-foot loading bays, 56- by 50-foot column spacing, 185-foot truck courts and depths of 620 feet. The campus is surrounded by full-circulation vehicle queuing lanes with the ability to add guard shacks.
Situated along Southport Parkway, the facilities are flanked by warehouses and processing facilities operated by Amazon and DHL among others. The buildings provide direct access to Interstate 45 and are 2 miles away from a Union Pacific intermodal freighting terminal, 15 miles from the Dallas Central Business District and 35 miles from Dallas-Fort Worth International Airport.
The property is adjacent to Southport Logistics Park, a 252-acre campus where Nike signed a 1 million-square-foot lease earlier this year, bringing the industrial park’s occupied space to more than 2.5 million square feet. CJ Logistics is also a tenant at the location.
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At full build-out, the campus will total 1.5 million square feet.
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In the simplest form, a ground lease is a long-term net lease (usually 49 years or 99 years) of land including any improvements on the said land. Assets that can be subject to a ground lease include but are not limited to, vacant land, office buildings, and large residential buildings.
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