JLL Capital Markets announced today that it has closed the sale of Southlake Business Park, a new, Class A, fully leased, three-building premier light industrial park totaling 182,129 square feet in the infill Dallas-Fort Worth-area community of Southlake, Texas.
JLL represented and marketed the business park on behalf of the seller, Holt Lunsford Commercial Investments. CBRE Global Investors, a global real assets investment management firm, purchased the asset on behalf of one of its investment funds.
The state-of-the-art Southlake Business Park was completed in 2020 and is fully leased to six tenants with an average remaining lease term of 6.7 years. The rear-load buildings feature clear heights ranging from 24 to 28 feet, 63 dock-high doors, 15 percent office finish, ESFR fire protection and ample vehicle parking.
Southlake Business Park is at 415, 419 and 423 Bank St. in an infill location within Southlake, an affluent northwest Dallas suburb. The park has superior access to State Highways 26, 114 and 121, providing tenants the ability to reach the entire DFW Metroplex, which houses 7.5 million residents. The park’s location is three miles from Dallas-Fort Worth International Airport and 20 miles from Dallas Love-Field Airport. The property is also equidistant to both the Dallas and Fort Worth downtowns, which are 23 miles away.
According to JLL Research’s Dallas-Fort Worth Industrial Insight – Q2 2021 report, the Dallas-Fort Worth metro lead the nation in annual population growth in 2020, increasing the amount of space needed to fulfill changes in the number of consumers. The property is within the centrally located DFW Airport Industrial submarket, which has one of the highest asking rents in the Dallas-Fort Worth Industrial market and 7.1 percent vacancy.
The JLL Industrial Capital Markets team that represented the seller was led by Senior Managing Director Dustin Volz, Managing Director Stephen Bailey, Director Dom Espinosa and Analysts Matthew Barge and Wesley Gilmer.
