Dallas firm Stonelake Capital Partners has acquired a nearly 120,000-square-foot distribution site in Fort Worth.

“4400 Diplomacy Road is located in one of the most infill and coveted DFW industrial submarkets,” said Jud Clements of Cushman & Wakefield, which represented the private seller in the transaction. “The offering traded significantly below replacement costs and features near-term upside.”

Litex Industries of Garland is the sole tenant of the building in the CentrePort Business Park, a master-planned development encompassing 1,300 acres just south of Dallas-Fort Worth International Airport. More than 150 logistics, distribution, manufacturing, hospitality, data and call centers, and other business sectors lease space at the park, including American Airlines, JPMorgan Chase, Lockheed Martin, Bank of America, and Bell Helicopter.

Along with Clements, Robby Rieke, Jim Carpenter, and Madeleine Supplee represented the seller. Stonelake’s Michael Massad, Will Thomas, Coleman Brown, and Keontae Burns led the acquisition.

“4400 Diplomacy Road checks all of our boxes: a functional industrial asset with institutional specs in an infill location with high barriers to new supply,” Brown said in a press release.

Stonelake, a private equity firm and developer of industrial and multifamily properties, owns more than $4.5 billion in commercial assets. Since 2007, the company has raised more than $2.6 billion in institutional equity commitments and boasts among its investors many of the country’s largest college endowments, pension funds, hospital systems, and private foundations.

Earlier this month, Stonelake withdrew its application to build a warehouse near Friendship-West Baptist Church in South Dallas, The Dallas Morning News reported. That decision followed months of litigation over Stonelake’s right to build according to zoning regulations and the church’s assertion that doing so would adversely impact minority neighborhoods in the area.

In a joint statement, the two sides said they “hope to work together toward an outcome for the property which is both beneficial and agreeable to the community” for the 20-acre site near Interstate 20.