Wednesday, July 08, 2015
$500 million industrial park starts construction on I-45 south of Dallas
Construction has started on a half billion-dollar business park that’s one of the largest projects yet in the booming Interstate 45 corridor south of Dallas.
Texas-based Port Logistics Realty is teaming up with a unit of Mitsubishi – the Japanese industrial giant – to build the 530-acre development on the east side of I-45. The new Southport Logistics Park development is near Union Pacific Railway’s huge intermodal freight yard.
The developers bought the land in Wilmer two years ago for the project and have been working on plans for the business park, which will ultimately have 9 million square feet of buildings.
“We were able to secure our financing and are moving forward,” said Rob Huthnance, president of Port Logistics Realty Development.
The first two speculative warehouse buildings in Southport Logistics Park will contain 1.1 million square feet and will be completed next year.
“We have a couple of proposals out to prospective tenants,” Huthnance said. “We are very focused on the E commerce business coming into North Texas.
“The City of Wilmer as part of our development agreement is providing some incentives.”
The developers are spending $22 million to put in roads, utilities and do site work for the project.
Diamond Realty Investments, a subsidiary of Mitsubishi, is partnering on the development. CBRE advised Port Logistics Realty in the joint venture with Diamond Realty and arranging financing.
Xebec Realty Partners and CT Realty of California are also part of the development team.
Cornerstone Real Estate Advisers also helped with funding the project.
Kacy Jones and John Hendricks of CBRE are handling leasing.
The Southern Dallas County real estate market along I-45 and Interstate 20 is the busiest industrial building district in North Texas.
More than 5 million square feet of industrial construction is underway in the area.
And large new warehouses have recently been opened for Georgia Pacific, Procter & Gamble and ACE Hardware.
Steve Brown/ Dallas Morning News