JLL Income Property Trust, an institutionally managed daily NAV REIT with more than $3.6 billion in portfolio assets and 86 properties, announced today it executed a lease of its recently acquired Fort Worth Distribution Center. The tenant, iDC Logistics, leased the newly constructed, Class A, state-of-the-art warehouse/distribution center totaling 350,000 square feet located in the North Fort Worth/Alliance submarket, one of the top three warehouse markets within the greater Dallas/Fort Worth (DFW) Metroplex. The lease is for the full building, includes annual rent increases of 3 percent, and is for five years until 2026.
Headquartered in Los Angeles, iDC is a leading end-to-end logistics company, providing comprehensive design, implementation, and operational capabilities in freight forwarding, contract logistics, transportation, and distribution management.
At over 800 million square feet of warehouse space, the DFW industrial market ranks as the fourth largest industrial hub in the U.S. LaSalle’s Research & Strategy group has identified DFW as one of the top performing industrial markets due to robust population and job growth driven by lower taxes and a favorable business climate which supports immigration and corporate relocations. Through year-end 2020, the DFW industrial market had experienced 41 consecutive quarters of positive absorption despite a robust construction pipeline of new warehouses.
Fort Worth Distribution Center’s 36-foot clear height, ample truck courts, newer construction features and excess trailer parking along with its immediate accessibility to essential transportation infrastructure including Interstate 35 and SH-114, the Alliance BNSF and Union Pacific intermodal rail hubs, FedEx Southwest Regional SortHub and Alliance and DFW airports – make it attractive to today’s demanding warehouse tenants.