Third-party logistics firm ITS Logistics has leased a greater than 1 million-square-foot distribution heart at NorthPoint Improvement’s latest build-to-suit, Intermodal Logistics Heart, in Fort Price, Texas. Cresa represented ITS.
The placement will function the 3PL’s first distribution heart in Texas.
The constructing broke floor in August and can function a 40-foot clear ceiling peak, 200-plus dock doorways and parking for greater than 200 trailers. It’s anticipated to be accomplished in July 2023.
READ ALSO: What’s Driving Industrial Property Administration At this time
Intermodal Logistics Heart is a seven-building, Class A industrial park serving the Dallas–Fort Price metro and adjoining to BNSF’s Alliance Intermodal facility, FedEx and UPS regional hubs, Fort Price Alliance Airport, and Interstate 35W. Thus far, three of the seven deliberate warehouse/distribution services have been accomplished.
NorthPoint didn’t reply to Business Property Government’s request for added info.
The Dallas-based Cresa group that represented ITS included Brad Struck, Clint Manning and Darren Woodson, together with Cresa industrial companies companion John Bollman.
ITS is headquartered in Reno, Nev., and employs greater than 900 personnel in Nevada, California, Indiana, Washington, Oregon, Utah, Arizona, Ohio, Georgia and Pennsylvania. With this new lease, the corporate’s U.S. distribution house now totals greater than 3 million sq. ft.
Quick-paced Metroplex industrial market
The DFW metro’s industrial house market is having fun with near-record leasing exercise (12.2 million sq. ft within the second quarter) and a excessive degree of house already spoken for—greater than 26 % of the 60.5 million sq. ft presently within the pipeline is preleased or built-to-suit—based on a latest report from JLL.
The North Fort Price submarket has a decent 3.1 % common emptiness on its stock of about 94.5 million sq. ft of warehouse/distribution house. The typical asking lease there’s $5.57, additionally based on JLL.
In April 2021, NorthPoint acquired a 19.2-acre website in Tampa, Fla., on which the developer deliberate to interrupt floor instantly on an roughly 297,250-square-foot master-planned industrial challenge, Tampa Airport Logistics Heart.
