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Friday, February 26, 2021

Perot, Invesco team up for logistics center at DFW Airport

Invesco Real Estate and Perot Development Company have teamed up to build the first development phase for a massive logistics center project, DFW Park 161, which will eventually total over 2.4 million square feet on 196 acres in Irving, at the east end of Dallas Fort Worth International Airport.

The first phase of the project includes three global e-commerce hubs known as Logistics Centers 9, 10 and 11 with more than 1 million square feet. Phase two of the project will be a future build-to-suit e-commerce hub, Logistics Center 8, potentially exceeding 1.4 million square feet in size.

DFW Park 161 is a joint venture between Invesco Real Estate, the global real estate investment business of Invesco Ltd., and Perot Development Company, with First United Bank providing financing support. Halff Associates is serving as the project architect and civil engineer, and Peinado Construction is the general contractor.

“With DFW Park 161, one of North Texas’ few remaining centrally located infill sites for a major global e-commerce hub, we will further build on Perot Development’s legacy of creating state-of-the-art logistics centers that directly support the region’s prime economic engine, DFW International Airport,” said Perot Development CEO Pat Perot. “We expect the project to see strong demand, due to the need for logistics facilities that can amply serve North Texas’ dynamic population growth and robust international trade sector. We sincerely appreciate the continued support and partnership we have received from DFW International Airport and the City of Irving in making DFW Park 161 possible. We know they will be proud of the project as phase one begins to take shape.”

Kurt Griffin and Nathan Orbin, co-leads for Cushman & Wakefield’s Industrial Agency Leasing team in Dallas-Fort Worth, are the project’s designated leasing brokers.

The three phase one buildings are expected to be available for lease by early 2021 and will provide all of the key elements tenants require for efficient office, showroom and distribution facilities. Each facility offers a location convenient not only to the airport and the President George Bush Turnpike (SH 161), but also to other key transportation thoroughfares such as I-635, I-35, SH 114 and SH 121.

Logistics Center 9 (3150 SH 161) will be a 646,190-square-foot facility located on 50.38 acres, with a minimum 36’ clear height, 136 dock doors, 171 trailer storage positions and 388 parking spaces – plus a future additional 74 trailer storage positions.

Logistics Center 10 (3000 SH 161) will be a 156,625-square-foot facility located on 15.83 acres, with a minimum 32’ clear height, 35 dock doors and 164 parking spaces – plus a future additional 72 trailer storage positions.

Logistics Center 11 (3050 SH 161) will be a 247,265-square-foot facility on 28.11 acres, with a minimum 32’ clear height, 60 dock doors, 54 trailer storage positions and 306 parking spaces.

The site fronts the President George Bush Turnpike (SH 161), adjoins the Dallas Area Rapid Transit (DART) Orange Line and is directly across the freeway from the DART Belt Line Station.

All of the DFW Park 161 buildings will incorporate the latest design and technology to maximize the project size and functionality, and will offer key features and benefits such as:

• Strategic, central DFW Metroplex location for easy access to showrooms, efficient customer pick-up and deliveries, and convenient access to labor

• Frontage to President George Bush Turnpike (SH 161)

• Access via two freeway exits – Gateway Drive and Belt Line Road off the Bush Turnpike/SH 161

• Triple Freeport inventory tax exemption available in Dallas County, Carrollton/Farmers Branch ISD and the City of Irving (via City Council approval)

• Foreign Trade Zone benefits

• Proximity to FedEx and UPS regional hubs

• Proximity to USPS bulk mail center

• Proximity to air cargo areas and major freight forwarders at airport

Including the facilities to be built in DFW Park 161, Perot Development will soon have developed a total of nearly 5 million square feet in global e-commerce hubs at the airport over a seven-year period.

Perot Development’s previously developed global e-commerce hubs at DFW International Airport include the following:

• Logistics Center I (completed in 2014, now an Amazon Fulfillment Center): 1,053,365 square feet on 60.18 acres in Coppell

• Logistics Center II (completed in 2015, now an Amazon Fulfillment Center): 1,041,600 square feet on 60.47 acres in Coppell

• Logistics Center III (completed in 2016, now leased to Siemens): 119,976 square feet on 9.5 acres in Irving

• Logistics Center IV (completed in 2016, now leased to Coca-Cola): 143,950 square feet on 8.84 acres in Irving

• Logistics Center V (completed in 2016, with Aramark Refreshments now the major tenant): 116,072 square feet on 8.95 acres in Irving

• Logistics Center 6 (completed in 2018, now available for lease): 67,500 square feet on 5.0 acres in Irving

• Logistics Center 7 (completed in 2018, now available for lease): 74,375 square feet on 5.26 acres in Irving

Perot Development also previously developed other significant facilities at DFW International Airport such as Aviall Services, Inc.’s headquarters and global distribution center totaling 280,000 square feet, Dallas Airmotive’s jet engine repair and testing facilities totaling 228,000 square feet and the 404,500-square-foot warehouse and distribution center known as DFW International Commerce Park I.

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