JLL has closed the sale of Park 20, a fully leased, state-of-the-art, 468,300-square-foot Class A industrial warehouse in the Dallas-Fort Worth community of Lancaster, Texas. JLL worked on behalf of the seller, Huntington Industrial Partners. An affiliate of Lexington Realty Trust purchased the asset. Additionally, JLL leased the property for the seller.
Park 20 features 32-foot clear heights, deep truck courts, 99 overheard dock doors, 56 dock packages, five drive-in doors, 48 trailer parking stalls, ESFR sprinklers, tilt wall construction and additional land that could be used for additional trailer stalls or as a lay-down yard. The building was completed in 2017 and is fully occupied by Petmate, a worldwide leader of pet products. Situated on 28.81 acres at 3201 N. Houston School Road, Park 20 is within the South Dallas Industrial submarket and has immediate access to multiple transportation arteries, including Interstate 35, 20 and 45.
The JLL capital markets investment advisory team representing the seller was led by managing director Dustin Volz, senior director Stephen Bailey and analyst Zach Riebe. The JLL agency leasing team that worked on behalf of the seller included senior vice president Randy Touchstone and managing directors Terry Darrow and Craig Jones.
The Dallas-Fort Worth industrial market has become recognized as one of the most robust and resilient areas across the county for industrial real estate. The fourth largest industrial market in the United States, JLL reports that DFW continued its record run of growth in 2020 and has more than 660 million square feet of product and a vacancy rate of 7.7 percent as of Q3 2020. 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.