A New York investor is just the latest to eye the Dallas-Fort Worth metroplex’s growing industrial business park sector.
A unit of Morgan Stanley Real Estate Advisors purchased the Urban District 183 industrial campus, located on Industrial Boulevard in Euless, southwest of Dallas/Fort Worth International Airport. Urban District 183 includes a three-building industrial development with 366,777 square feet of space.
Dallas-based Urban Logistics Realty (ULR) began the development of Urban District 183 in 2021 before Jones Lang LaSalle (JLL) marketed the property for sale earlier this year.
The sale was brokered through the combined efforts of JLL’s Dustin Volz, Stephen Bailey, Dom Espinosa, Wells Waller, and Robby Westerfield.
“We could not be more excited about the successful completion and sale of Urban District 183,” ULR’s Drew Feagin said. “This project was 100% preleased at the time of delivery, which is a testament to the infill and irreplaceable location that we repeatedly aim to invest in.”
ULR has more than 3 million square feet of projects in varying stages of development with a portfolio value of more than $400 million.
The real estate firm also built Urban District 30 in Mesquite, a one-million-square-foot business park. Urban District 30 was in its first phase of development before getting purchased by New York-based investor KKR.
Dallas-Fort Worth is the nation’s leading metroplex for industrial building sales with $23 billion in the first half of 2022, topping Los Angeles, Atlanta, and Houston on the list of the country’s biggest commercial property markets by sales volume.
While commercial real estate seems to be on the up and up in North Texas, builders cannot seem to keep up with the growing demand for housing in the region, as reported by The Dallas Express.