JLL’s capital markets team has closed the sale of Speedway Logistics Crossing, a new, two-building, Class A+ industrial park totaling 798,246 square feet in a mission-critical location in Fort Worth, Texas. James Campbell Company LLC purchased the asset from Scannell Properties for an undisclosed sum.
The state-of-the-art Speedway Logistics Crossing was completed in 2020 and includes one rear-load and one cross-dock building. The property features 36-foot clear heights, deep truck courts, six drive-in doors, 134 dock-high doors, 173 trailer parking spaces, ESFR sprinklers and low office finish. The property is 82 percent leased with over 12 years of average lease term to two tenants.
Situated on 54.98 acres at 2660 and 2401 Petty Place, Speedway Logistics Crossing is approximately 1.6 miles from the Intersection of Interstate 35W and SH 114, which provides exceptional regional access. The property is in a region that is part of the Texas Triangle, an area between DFW, Houston and San Antonio that allows tenants to reach more than 25 million people in a matter of hours.
Speedway Logistics Crossing is in the North Fort Worth Industrial submarket, one of the most dynamic big box submarkets in the country. The Dallas-Fort Worth industrial market has continued its record-setting growth in 2020 and continues to be one of the top performing markets in the country. JLL reports that strong fundamentals and ongoing demand for space in the DFW market will continue to push rents higher along with new speculative construction well into 2021.
“Speedway Logistics Crossing is our sixth development in the Dallas-Fort Worth area, totaling in excess of 3 million square feet of industrial and office space,” said Kris Arviso, managing director, Scannell Properties. “It’s an attractive region for warehouse and light industrial business, and we’re excited to continue building on the momentum we’ve created with our Speedway project.”
The JLL capital markets investment advisory team representing the seller was led by senior managing director John Huguenard, managing director Dustin Volz, senior director Stephen Bailey, director Dom Espinosa and Analyst Zach Riebe.