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9/18/20
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CT Realty has acquired a prime, 18.46-acre infill site in Irving, TX on which the company will develop Stadium Logistics Center, a 329.4k sf industrial building. The $40 mil project, slated to break ground later this month, will meet the surging demand for supply chain distribution space amid spiking e-commerce sales growth.
“CT made an enormous commitment to the greater Dallas / Fort Worth market almost ten years ago and we couldn’t be more pleased with our positioning in one of the largest industrial/logistics markets in the U.S. with over 850 msf of standing inventory,” said Rob Huthnance, the CT partner responsible for Midwest and East Coast development and operations. “This is an outstanding property next to the former storied Texas Stadium and fronting Highway 183 with a six-mile run to downtown Dallas. This is an incredible “last mile” location that is strategically centered in the DFW metroplex.”
The site offers 470 feet of frontage on Hwy 183 immediately west of the I-35 Stemmons Freeway in the established South Stemmons industrial submarket, where current vacancy is below 4% against an inventory of 120 msf. Dallas Love Field Airport is five miles to the east and DFW International Airport is located 7.5 miles west.
Stadium Logistics Center features 36-foot clear height and a front park/rear load configuration that is ideal for goods distribution and in high demand by supply chain users.
E-commerce sales, an already strong and growing demand driver for industrial distribution space, have spiked during the coronavirus pandemic and are estimated to grow by 18% this year, the highest year over year increase on record according to eMarketer. E-commerce growth has reshaped industrial demand for the last several years, placing a premium on infill sites within densely populated areas.
CT purchased the site from long-term owner NCH Corporation, who was represented in the transaction by Mike McElwee at Avison Young. Craig Jones and Randy Touchstone at JLL repped CT and will handle leasing of the project, which is planned for completion in September 2021.
The general contractor is Talley Riggins Construction Group, and the project is being designed by Pross Design Group, both based in the Dallas area. Construction financing will be provided by California Bank and Trust.
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