Trammell Crow at Passport Park, a four-building business park totaling 2,050,474 square feet of Class A+ industrial space under construction in the Dallas Fort Worth International Airport submarket has been sold.
CBRE National Partners announced the sale today of the Class A+ industrial space located at 2600, 2650, 2700, 2800 Rental Car Drive in Irving. The space is 97% leased prior to construction completion.
CBRE’s Ryan Thornton, Randy Baird, Jonathan Bryan and Eliza Bachhuber with CBRE National Partners represented the developers Trammell Crow Company and CBRE Global Investors in the transaction. A publicly traded REIT purchased the park for an undisclosed purchase price.
Trammell Crow at Passport Park is a state-of-the-art business park located in the DFW Airport South submarket, where 8.8 million square feet of industrial space has been developed, with strong leasing activity since its inception in 2018.
The park’s notable features include up to 205-foot truck courts and 40-foot clear heights, cross-dock and rear-load configuration, ample truck and auto parking, best-of-class landscaping and 10 points of ingress/egress on three different roads.
“Passport Park brings the total to 34 buildings Trammell Crow Company has developed on DFW Airport property,” said Jake Marks, Principal with Trammell Crow Company’s Dallas-Fort Worth office. “As has always been the case, the DFW Airport team has been a great partner in delivering a first-class business park.”
The spike in demand for distribution and logistics space during the pandemic has spurred a run on industrial space in North Texas. According to CBRE’s Q2 2021 Dallas Fort-Worth Industrial MarketView, the DFW Airport submarket has experienced the most industrial demand in the region with 6.6 million square feet of trailing 12 months net absorption, more than 25 percent of the total market’s net absorption. Scarce available land and strong tenant demand for the centrally located submarket resulted in the direct vacancy rate decreasing to 4.8 percent in the second quarter of 2021, 170 basis points lower year-over-year.