Logistics Property Company Will Add 1M SF
By Steve Brown
Logistics Property Co. has scheduled a July groundbreaking for its next major industrial project south of Dallas.
The 1 million-square-foot speculative warehouse project is part of the Southport Logistics Park in Wilmer.
Logistics Property bought the 242-acre business park on Interstate 45 in 2018. The first two buildings in the project were leased to Amazon and food products firm Smuckers.
Logistics Property is almost ready to start the third building, which will be ready next year.
“Our on-site and off-site teams have continued to work remotely during the COVID-19 global pandemic, so we’re on track for delivery in the second quarter 2021,” Logistics Property’s Kent Newsom said in a statement.
The new building is expandable to more than 1.2 million square feet if a tenant needs the space.
Plans for the entire Southport Logistics Park call for almost 3.6 million square feet of space.
While some commercial real estate sectors — particularly retail and hospitality — have had projects delayed or canceled during the pandemic, industrial development demand remains strong because of leasing for consumer products and e-commerce firms.
CBRE is leasing the new building.
“Although there has been a slight market slowdown due to COVID-19, signs point to an increase in velocity — especially for big box e-commerce players, as non-brick and mortar sales increase,” Kacy Jones, CBRE senior vice president, said in a statement. “We remain bullish on Logistics Property’s speculative strategy and look forward to finding the right new tenant for this superior logistics development.”
North Texas is the country’s fastest-growing warehouse and distribution market with more than 24 million square feet of new buildings under construction.
