North Texas is the nation’s fastest-growing industrial building market, with about 59 million square feet of warehouse and distribution space under development.
Archway Properties and BentallGreenOak see the area near DFW International Airport as a hotspot for industrial property growth. International investor BentallGreenOak increased its industrial property holdings by purchasing three new buildings in DFW Park 161, a business park near DFW International Airport.
Perot Development Co. and partner Invesco Real Estate sold the fully-leased properties on more than 90 acres.
Archways Properties, which is based in Houston and has an office in Dallas, has started construction on the Royal 114 industrial property, a four-building industrial project between the highway and West Royal Lane. The more than 429,000-square-foot project will open in the first quarter of 2023.
“The DFW Airport submarket has performed very well over the year, and demand for new, Class A industrial products continues to be robust,” Eric Hawk, partner with Archway Properties, said in a statement. “We are excited for the opportunity to develop one of the last remaining sites along Highway 114 and are grateful for the support from the City of Irving.”
Transwestern’s Brett Owens and Clayton Johnson are leasing the project. The largest of the buildings will be more than 155,000 square feet.
According to the latest data from Yardi Systems, more than $1.4 billion in North Texas industrial and warehouse buildings were sold in the year ending in May.
In late 2020, BentallGreenOak bought the 1.4 million-square-foot Gateway Logistics Center at DFW International Airport, a five-building business park at Airport Freeway. Tenants include Heritage Auctions, Samsung, Hello Fresh, Legendzways Distribution, and Hussmann Corp.
Last year, the investor formed a partnership with Dallas-based Xebec Realty to fund U.S. logistics projects across the country. Dallas-Fort Worth is one of the country’s top investment property sales markets.